Los Angeles Debt Settlement Lawyers
Debt settlement is a process where we negotiate directly with your lender on your behalf to settle your debt for less than the current outstanding balance. Debt settlement is a way to deal with burdensome debt and relieve your financial obligations without going through bankruptcy. At Wadhwani & Shanfeld, our Board-Certified bankruptcy specialists explore all the options to find the best path to debt relief in your specific situation, including Chapter 7 or Chapter 13 bankruptcy, debt settlement, loan modification, or other means. Contact our Los Angeles debt settlement lawyers today to find out if debt settlement is right for you.
How Debt Settlement Works
Certain debts such as credit card bills, medical bills, and personal loans are unsecured, meaning they aren’t backed by collateral or tied to any property the creditor can take if you default on your payments. Unsecured debts can generally be eliminated in a bankruptcy proceeding; the debt gets discharged by the court and you are no longer responsible for paying the debt.
Your creditors don’t want you to file for bankruptcy. They would rather keep you as a paying customer than watch the debt disappear in a bankruptcy discharge. This fact gives you the leverage to negotiate a lesser amount – something you can afford – to pay off the debt. As a law firm with Board-Certified bankruptcy experts who handle a high volume of bankruptcy cases in Los Angeles, our lawyers at Wadhwani & Shanfeld have the ability and reputation to negotiate an effective debt settlement that meets your needs. We deal with creditor law firms on a regular basis and know what kind of settlement they are looking for and will accept, so we can negotiate the best deal on your behalf without leaving any money on the table. Contact Wadhwani & Shanfeld for help with:
- Credit Card Debt Settlement
- Personal Loan Settlement
- Repossession Settlement
- Medical Bill Settlement
- Second Mortgage Settlement
- IRS Tax Debt Settlement (offer in compromise)
When Is Debt Settlement Right for Me?
Debt settlement is the best choice for some people, while bankruptcy is better for others. Whichever is right for you depends on many factors particular to your unique situation. We offer a free consultation to review your financial situation, needs and goals so we can advise you on your options. Some of the most common reasons why people prefer debt settlement to bankruptcy include:
- Bankruptcy is not an option based on your income or assets
- Bankruptcy is not an option based on a previous bankruptcy
- You want to maintain a good relationship with the creditor
Be Wary of Debt Settlement Companies
There are many companies out there that advertise heavily on TV or send out direct mail advertisements promising debt settlement or debt consolidation. These companies are not law firms; they can’t practice law, and they aren’t bound by the ethical duties and obligations attorneys have to abide by. Oftentimes the programs these companies offer are ineffective, and many are outright scams that take your money but don’t deliver any service. If you are seriously thinking about debt settlement, consider using an experienced debt settlement law firm to professionally handle your case.
Already Been Sued? Contact Us Now!
It doesn’t take long – sometimes just a few months – before a credit card company or other creditor will file a lawsuit to collect an unpaid bill. If you haven’t got a lawyer yet, do so right away. You only have 30 days after being served with a civil complaint in California to file a response with the court. Contact us immediately if you’ve been sued for a debt. We’ll immediately reach out to the creditor’s attorney and work with them directly to settle your debt. They know us because of the high volume of bankruptcy work we do in Los Angeles, and we’ll work to settle your debt effectively for a lesser amount you can afford to pay. By swiftly settling your lawsuit, we’ll help avoid a judgment and the enforcement and collections that can follow.
Contact Our Los Angeles Debt Settlement Lawyers Today
Debt settlement can be a great solution that reduces your overall debt load and lets you move forward in your life without the stress and pressure of crippling debt and creditor harassment. Contact our Los Angeles debt settlement lawyers for a complimentary consultation to review your situation and find out whether and how debt settlement could benefit you. Call now to speak to a lawyer now, and get started today getting the help you need.