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How does debt settlement work?

On Behalf of | Feb 20, 2015 | Credit Card Debt |

In our last post, we discussed how stress can make people sick. And financial problems, including overwhelming debt, are some of the biggest stressors in life.

That’s why people who are facing high amounts of stress because of debt are wise to take action by consulting a bankruptcy lawyer who can help them get back on their feet.

Of course, bankruptcy isn’t the right option for everyone. But it also certainly isn’t the only option people facing debt-related stress have.

For example, debt settlement is a service that our firm offers to families and individuals who need some leverage to get them through tough times.

Debt settlement involves getting a person’s creditors to accept a partial, lump sum payment as full settlement of a debt.

In doing this, our skilled attorneys work with creditors to significantly lower our clients’ debts, sometimes allowing them to pay just pennies on the dollar on what they owe.

Typically, the creditors we work with are willing to accept a debt settlement of 20 to 75 percent of what is owed, so long as it comes in a one-time, lump sum payment. Then the remaining debt is forgiven, and our clients can move on with their lives with a lot less debt and stress.

Why would the creditor be willing to do this? you may be asking yourself.

Well, debt settlement also benefits the creditor by allowing them to collect at least part of what they are owed and saving them the fees charged by collection agencies and their own attorneys. So really, it’s often thought of as a win-win situation.

If your stress levels are through the roof because of debt, but you don’t think bankruptcy is right for you, contact our firm today to discuss our debt settlement services.


Watch Attorney James Miller on the Morning Blend as he discusses his new book, The Secrets About Bankruptcy They Don't Want You To Know.

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