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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.

SETTLEMENTS AND RECOVERIES IN ALL CASES DEPEND ON SPECIFIC FACTUAL AND LEGAL CIRCUMSTANCES WHICH ARE UNIQUE TO EACH CLIENT’S CASE. PAST CASE RESULTS ARE NOT A GUARANTEE OR PREDICTION OF SIMILAR RESULTS IN FUTURE CASES WHICH THE FIELDS LAW FIRM AND ITS LAWYERS MAY UNDERTAKE.

READ OUR CLIENT REVIEWS

John Kelley
John Kelley
21:38 16 Oct 18
I was having issues with an insurance company and I hired fields law firm. The people there are amazing and always quick to answer questions even a couple times on the weekend. I worked with Blake amazing person and very informative on my case. I would highly recommend this firm to any of my friends.read more
Michael Frazier
Michael Frazier
23:58 10 Oct 18
I had the pleasure to work with Michael and Annie on my LTD case. When my claim was denied by the insurance carrier, Michael didn't hesitate to take them on with an appeal. He worked diligently on the appeal and ultimately won this for me. Mind you, this wasn't a huge case but he treated me like it was and as if I was the only case he was representing. He kept me abreast of vital information, it was clear that he knew his stuff and wasn't afraid to take on the big insurance company. Michael was much more than I ever expected given that our relationship was entirely remote, handled by telephone and email only. Not only is he a strong lawyer, he treated me with compassion and respect. I am beyond pleased with him and the Fields Law team. Michael cares about his clients and he gets the job done for them because he knows how impactful an injury can be to both a person's well-being and their financial security. I highly recommend Michael and Fields Law whether you are local to their Minnesota offices or out of state like myself.read more
Melanie Eason
Melanie Eason
20:12 29 Aug 18
Fields Law Firm is great. Patrick Kramer, my lawyer, is fantastic. He and his legal assistant Samantha K. have handled my case for several years. They have kept me informed every step of the way. They are both easy to contact. I have both of their phone numbers and email addresses and they respond promptly to any messages I leave. Without their help I would not have been able to get the disability company to fulfill their promises. It is a relief to leave all the dealings with the disability insurance company in their hands.read more
Jeannie Kerr
Jeannie Kerr
23:37 15 Sep 18
My experience with Merrick Williams of Fields Law Firm has been truly above and beyond satisfactory. His knowledge and professionalism have guided me through a very difficult time. He and his assistant Angela were readily available to answer any questions and address my concerns. I highly recommend him as an attorney and will use his services again if necessary in the future.read more
ebon jordan
ebon jordan
19:51 27 Sep 18
Field Law Firm was great my lawyer Zach Schmoll was more than I could ask for. He always kept me in the loop and explain everything perfectly, got back to me whenever I called less than 24 hrs and was a extremely nice guy. This guy is young and knows what he is doing so please don’t let the age fool you. I had a wonderful experience with Field Law and will refer anyone with legal matters to them.read more
Edward Johnson
Edward Johnson
23:11 31 Oct 18
I highly recommend Fields law Firm if you need some no nonsense attorneys to represent you. I was treated courteously and efficiently each and every time by Mike and his associates. They settled my Long Term Disability case in a timely fashion. and was pleased with the results. Thanks again Mike and Fields Law Firm. You are the best!read more
Jeffrey
Jeffrey
19:19 09 Nov 18
Fields Law Firm is simply the very best when it comes to representing you & fighting for your rights! They are a "10 Star" Law Firm hands down! Michael Kemmmitt & Sarah Christensen were simply outstanding to work with. They took over my long term disability case after I was being denied my benefits & gave me the moral support & law experience that I needed to win my case. They were supportive throughout my case & they will fight tooth & nail to assure your rights are not being denied. It is so rare to find a law firm that treats you like YOU are the most important person to them. I HIGHLY recommend Fields Law Firm. They are truly advocates for justice.read more
Ben Chadwick
Ben Chadwick
23:20 12 Nov 18
Michael and Samantha were always giving me updates in a very timely manner. They were very good at getting back with me if I had questions, and they didn't have the answer at the time of our discussion. They were very thorough in their handling of my case, and we received a positvie ruling due to their efficiency and expertise. Thank you very much Michael and Samantha, I appreciate all that you did to help me with my case. I would definitely refer people to you, as well as use you in the future. Benjamin Chadwick.read more
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