Palmdale Debt Settlement Lawyers
When bankruptcy is not a good fit for your circumstances, debt settlement might be an effective option to relieve the financial burden. The basic process involves negotiating your debt down to an amount you can afford, and you make payments based upon an agreement. Debt settlement is attractive to creditors, who would rather you make lowered payments instead of having the debt discharged in bankruptcy. This gives you significant leverage in negotiations.
Despite the preference for debt settlement rather than bankruptcy, dealing with creditors can still be complicated. You may not gain the important leverage you need without a legal background, so trust Wadhwani & Shanfeld to advocate on your behalf. We are aggressive in negotiations, with a goal to lower payments to an amount you can afford. Please contact us today to set up a consultation with a Palmdale debt settlement lawyer. A summary about the process is also useful.
Basics of Debt Settlement
Many types of consumer debt are unsecured, so a creditor does not have recourse against a particular asset to get repaid. There is always the threat that you could file bankruptcy and the creditor gets nothing. This gives you a leg up when negotiating an agreement to pay less. It is possible to work out debt settlement for:
- Credit cards;
- Personal loans and lines of credit;
- Auto loans, especially when facing repossession;
- Medical debt;
- A second mortgage; and,
- A tax debt settlement, known as Offer in Compromise.
Assessing Debt Settlement Options
Bankruptcy could be a better route for some, but debt settlement may be more appropriate for others. You may not qualify for bankruptcy because of a previous case. You might want to avoid Chapter 7 or Chapter 13 because you have assets to protect. If you have a close relationship with a creditor, you may want to preserve it.
Debt settlement is most effective when you can make good on payments, but just need a little more time or other support from the creditor.
Our Debt Settlement Services
An important note is that you should always rely on a law firm for assistance with a debt settlement strategy. The companies you see on TV are not bound by the ethics rules and duties that apply to lawyers. Our Southern California debt settlement lawyers at Wadhwani & Shanfeld put your needs first, so we will take on such tasks as:
- Evaluating your finances;
- Developing a strategy to deal with creditors;
- Preparing a debt settlement plan to repay creditors an amount you can afford; and,
- Completing all paperwork to put the plan into effect.
Discuss Your Options with a Palmdale Debt Settlement Lawyer
Negotiating with creditors could reduce your overall debt, helping you stay current on bills and get on better financial footing. You will also put an end to the threat of a debt collection lawsuit, though it is still possible to settle if one was already filed. To learn more about how we assist clients, please contact Wadhwani & Shanfeld to schedule a consultation with a skilled Southern California debt settlement lawyer.