Debt Settlement vs. Bankruptcy
There are a lot of companies out there promising to reduce or eliminate your debt. Most of these companies have a “program” or a “debt-management plan” that they fit you into. Other companies strongly advise filing for bankruptcy is the best option, especially if they only provide that service.
If your individual circumstances happen to fit into their plan for debt settlement vs. bankruptcy, then you may have found a good option. But we often hear horror stories of people spending their hard-earned money on such companies only to be disappointed with the results.
At Fields Law Firm, we take a different approach. We understand that each and every client has a unique set of financial circumstances. We take the time to understand your needs and goals and help you craft a plan that makes sense for you. You remain in control and make all of the settlement decisions.
If you prefer that we handle it, we are happy to work within any realistic budget limitations to help you settle your debt. Our attorneys can negotiate with your creditors, the law firms that represent them, and debt collection agencies that have purchased our clients’ debts.
The first step in the debt settlement process is to sit down with an attorney and go over any documents you may have regarding the debt. Based upon the number of debts, the amount of each debt, the age of the debts, and who currently owns the debts, the attorney will advise you as to the best method of settling and/or negotiating your debts.
Because no two situations are exactly the same, we do not promise that we will be able to settle your debt at any certain percentage. Beware of those companies that make promises of “we will settle all your debt at 40%”. Depending on your circumstances, we may be able to settle your debts for less than 40% of the balance due.
Your attorney may negotiate to settle your debt for less than what is being requested by the creditor, arrange a payment plan for you to pay off the debt in smaller increments without accruing more interest, or help you to settle debts in one lump sum.
For some, our attorney may suggest filing for bankruptcy.
Is Filing For Bankruptcy My Only Option?
People in debt will often incorrectly assume that filing for bankruptcy is their only option. Rarely is bankruptcy the only option. The attorneys at Fields Law can work with your creditors to formulate a plan that fits within your budget and help you choose if Debt Settlement vs. Bankruptcy is the best option.
When filing for bankruptcy, a consumer can discharge their unsecured debt obligations (credit cards, medical bills, repossessions), but in exchange they are ordered to turn over certain non-exempt property to the courts to be sold and paid to the creditors and their credit rating is significantly tarnished.
At Fields Law we attempt to settle your debts for less than you actually owe, all while preventing the harsh consequences of a bankruptcy filing.
If you believe your only option is filing bankruptcy, call our debt settlement lawyers today. We can review your options and help you decide the best path forward for your future. If you decide to proceed, we will help you every step of the way. Every client has unique circumstances, and our attorneys work hard to ensure the best possible outcome for each of our clients.