Debt Settlement Lawyer in Los Angeles
Our Legal Team Can Help You Achieve Financial Freedom
Although many people achieve financial freedom through bankruptcy options, it is not always the best route for every person. For this reason, many individuals seek other methods, such as debt settlement, to pay off their debts in a shorter amount of time. Because no two cases are identical, it is important for debt-stricken people to explore their options with help by their side.
At Wadhwani & Shanfeld, our Los Angeles debt settlement attorneys are here to help you explore your options. No matter what your case may be, we can provide you with guidance so that you and your family can return to a stress-free life once again.
If you are drowning in debts, give our legal team a call today. In every case, we take an individualized approach, so you can rest easy knowing we will tailor your case specific for your needs.
Achieve Liberty Through Debt Settlement
What is debt settlement, and what is the process? It’s simple. When our legal team helps your navigate through the debt settlement process, we will negotiate with each individual creditor to lessen and resolve your debts.
Over the years, the chances of reaching settlements that are much lower than the actual amount owed are quite high. This is because most collectors are willing to reach a fair settlement rather than increasing the risk of the debtor filing for bankruptcy. Because we handle ample amounts of these cases, we frequently reach settlement at a large discount.
Is Debt Settlement Right for Me?
Many of the following types of individuals find debt settlement to be the best option:
- People who cannot file bankruptcy because of a recent filing
- People who have an income that is considered high
- People who possess an ample amount of assets
- People who have reasons, moral or religious, that oppose the idea of bankruptcy
Advantages and Disadvantages of Debt Settlement
Debt Settlement Pros:
- The biggest benefit to settling your debts is complete and immediate relief from your financial stress.
- In many cases, it does not damage your credit as severely as filing for bankruptcy.
Debt Settlement Cons:
- By law, the written-off debts cannot exceed a certain amount. If they do, the difference becomes taxable income. In this scenario, you could end up owing taxes on some of the forgiven debts. Depending on your unique financial situation, this could be quite expensive.
- Unlike bankruptcy, debts settlement does not offer consumers legal protection from creditor lawsuits. When you file for bankruptcy, creditors are legally obligated to halt all attempts to collect payment, such as creditor calls or legal action against you. If you decide to avoid court, creditors can still sue for your outstanding debts.
The Key to a Solid Debt Settlement Strategy
Remaining proactive is of the utmost importance when creating and moving through a debt settlement plan. If you find yourself struggling with unbearable debt, do not hesitate to get the assistance you need. Our Los Angeles debt settlement lawyers can examine your situation and help you decide which strategy and plan is best for you. In every case, we use a front-footed approach, so you are never left in the dark.
We Can Put Our Knowledge and Experience on Your Side
If you are unable to file for Chapter 7 or Chapter 13 bankruptcy or are opposed to the concept of it, our team of Los Angeles debt settlement attorneys can formulate a plan to help you achieve financial freedom. We know that every case is different and each individual has their own goals in mind and that is why we work diligently to avoid a “one size fits all” approach. We will always consider your feelings and make sure that the strategy we suggest is one with your goals in mind!