High odds of debt odds of lawsuit?

by glenn
(California)

If u have high debt is there a certain amount of time that i have to settle this debt before the creditor threaten me with a lawsuit? Can this happen with in the first year?

I don't have the money to pay a lump sum now but in time I would be able to a pay I hope a reduced settled amount. currently i m not late on any of my bills but the lack of business has proven that i cannot continue to pay due to a shortage in income. I live in California I have talked to credit settlement companies they make u feel NO PROBLEM they'll settle your debt but they want huge amounts of money which is why i m considering doing this myself. I have the stomach especially when u consider the saving not hiring one of these companies. The savings alone will pay off some of my debt.

But obviously my concerns are about the lawsuits i have unsecured debt an i need time to raise the monies to pay these off. I was told it is better to offer a lump sum as opposed to making payments. based on conversation if i save ex amount per month with in 18-24 months i should have all the monies to settle debt for a negotiated amount. Can you advise?