Debt settlement and negotiation attorney to propose settlement offers for creditors’ at a fraction of the balance to avoid bankruptcy.
Debt Settlement and Debt Negotiation
Debt negotiation is often possible to save thousands of dollars on the debt. We negotiate with the debt collectors and save the hassle, the harassment, and stress of dealing with the enemy. We are skilled debt negotiators, and been providing this service with decades of experience.
The benefits of debt negotiation are many. First, of course, is all the savings. The ridiculous offers you hear about (“pay pennies on the dollar!”) are just not realistic. However, you can often pay quarters on the dollar, which is like getting 20-40% discount from each purchase you made on the credit cards for years. Second, you avoid bankruptcy, and can keep your credit score higher than had you filed.
There are also drawbacks of debt settlement. First, it costs money. You’ll be paying money for those debts after we negotiate a debt settlement, which may be obvious but should be said. Second, the money will not be installment payments, but typically one lumpsum debt payment. That means for a $6,000 credit card debt, you should be prepared to have a payment of at least $4,000 ready to go. And that’s not your only card, the others will need to be handled as well. So, third, this should be a comprehensive strategy for all the debts. If you don’t settle one and it’s not getting paid, they may sue you for breach of contract. Therefore, plan on having enough for lump sum debt settlements for all debts once negotiated. Fourth, a credit card whose debt was settled can give you a 1099 for the amount saved, which can be considered income.. This can result in tax consequences and liability, and extra money to pay next April 15.
Contact us now and let us put our decades of experience to work for you and start becoming debtfree now.
Debt negotiation is often possible as a way to save thousands of dollars on the debt.
Hale Andrew Antico, Bankruptcy Attorney