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Understanding Debt Settlement

Are you curious about debt settlement but aren't clear what it really means?

Since many people are now battling with their poor financial histories, some are turning to debt settlement to fix their problems. This is when you rely on an intermediary agency to negotiate with your creditors. This can allow you to pay back loans on a schedule that is better suited to your current income; you might even be able to cut down the money you owe by settling with creditors.

However, this usually will only help your unsecured debts. This includes items like credit cards, but only if you have already fallen behind on your payments. It is possible to settle debts on your own, or even through an attorney, but more and more people are coming to rely on debt settlement companies to do the job for them. Once you give them the approval, these companies will work with your creditors to work towards reducing your overall debt.

If you want to skip debt settlement and attempt to file for bankruptcy, now is the time contact us to speak with a Chicago bankruptcy lawyer.


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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100