Debt Settlement Attorney

Where a debt or debts are unmanageable, it is possible to save money with a debt settlement. With skilled negotiation, the creditor agrees to accept a discounted amount in exchange for a lump sum pay off. This saves you money on your debt. A bankruptcy attorney may assist you in this endeavor.

Feasibility of a Debt Settlement

If you are considering debt settlement, you are most likely to succeed when you have only a few large unsecured debts. You need to have the ability to make a substantial payoff in one or a few payments. This is often workable when the creditor knows you are represented by a bankruptcy attorney and fears you may file bankruptcy. You can often save considerably on the original loan or bill.

Debt settlement is less achievable with secured debts as you have less leverage. The secured creditor can simply foreclose or seek repossession of the property.

Debt settlement is also impractical when there are many creditors to contend with. While focusing on paying one, you may have to neglect another. The neglected creditor may file suit and start garnishing your wages.

Debt Consolidation

Some finance companies offer debt consolidation as a form of debt settlement. This has the advantage of bringing all debts together in to one payment. The disadvantage is that you now have a new creditor at perhaps higher interest. What's more, the debt consolidation company is likely to demand security. If you then fail to make the payments on the consolidated debt, you end up losing your security. This puts you in a worse position than you were before.

Bankruptcy Lawyer

We provide seasoned assistance to debtors seeking debt settlement. The legal team at Bizar & Doyle, serves individuals with debt settlement representation. We review with our clients their options. If debt settlement is practical, we vigorously negotiate with creditors to bring it off. Where debt settlement is impractical, we recommend alternative solutions to bring our clients to solvency.

Contact a Bankruptcy Lawyer at the firm for assistance with debt settlements.