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Debt Settlement Questions

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Advil1
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Debt Settlement Questions

Hello to all-

Never thought I would be in this position as I've never defaulted on anything in my life but long story short...caught business partner in his plan to create new LLC and steal company. As a result, I am now dealing with $50K+ business debt spread out over 9 personal cards.

I have been playing various scenarios in my mind but of course, the more I read online, the more questions arise.

Questions:

1) Since the impending default is inevitable, would it be advisable to exhaust any remaining credit in the next 1-3 months before defaulting?

2) Some of the cards have smaller balances ($2K or less), should these be balance transferred to cards that still have remaining credit so that ultimately there is a lesser amount of charged off accounts? Example = I have 4 Chase cards, should these be transferred to just one card if possible?

3) I have read that credit card issuers frown upon settling accounts that contain balance transfers. Does this apply to all issuers or are some more lenient than others?

4) Account Ive had longest is a Citi card. Currently has $13K+ balance. Would it be advisable to transfer this $13K to other cards in order to keep this account open since it's the oldest?

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