Debt Relief Without Filing for Bankruptcy
Bankruptcy can be a good option for many people, but it’s not always the right solution for everyone. If you are struggling with your financial obligations and want to avoid bankruptcy, it may be possible to work out an alternative solution.
We at Financial Relief Law Center, APC offer the support our clients need when they wish to negotiate debt settlement with their creditors. Rest assured that as we help you negotiate a better agreement with your creditors, you’ll receive personalized and proactive legal support that puts your interests at the forefront of everything we do. Our services are customized to each client’s needs because there’s no better way to address someone’s unique financial situation than to take each and every detail into account.
If you are trying to deal with overwhelming debt, bankruptcy may not be your only option. Our debt settlement attorneys in Irvine can help you and your creditors come to the table to discuss realistic solutions for managing your debt.
How Does Debt Settlement Work?
Debt settlement is a process that involves negotiating debt with one’s creditors outside of court. In most cases, creditors don’t want their debtors to file for bankruptcy any more than they do. Pursuing collection can be costly for lenders, as can pursuing their interests during a bankruptcy case – especially during challenging economic times.
This means that creditors may be willing to come to the table to discuss debt settlement for outstanding credit card bills, medical bills, and other types of unsecured consumer debt – sometimes for considerably less than what is owed. By having an experienced debt settlement attorney in Irvine on your side, you can take advantage of many of the opportunities that may be available to you through debt settlement.
When Is Debt Settlement a Better Solution Than Bankruptcy?
Negotiating debt settlement with your creditors is particularly useful under the following circumstances:
- You are unable to file for bankruptcy because of a recent previous filing.
- You do not have very much income.
- You have an overwhelming amount of debt that you clearly can’t pay in full.
- You want to avoid liquidating a large number of assets.
- You hold moral or religious objections to the concept of bankruptcy
How Will Debt Settlement Affect My Credit?
Unfortunately, debt settlement will show up on your credit report for seven years and negatively affect your credit score. The extent to which your credit score may be adversely impacted, however, could be less serious than if you had chosen to file for bankruptcy.
While it may seem like there’s not a substantial difference between debt settlement and bankruptcy in this matter, it’s worth considering the other benefits that debt settlement offers. For one, you will not have to liquidate your property to pay back your creditors – this means you’ll get to hold on to items of significant value such as jewelry, electronics, furniture, family heirlooms, and more.
You also may be able to settle your debt for less than the full amount you owe, all while getting harassing creditors off your back, too.
Who Can I Turn to for Help with Debt Settlement?
At Financial Relief Law Center, APC, our debt settlement attorneys in Irvine want to help people like you get out from underneath overwhelming debt. We know that bankruptcy isn’t the right option for everyone, which is why we want people to know that there’s an alternative that may be just as effective or work even better, depending upon one’s unique financial situation.
If you’d like to learn more about your options in debt settlement, schedule a free initial consultation with Financial Relief Law Center, APC today by contacting us online.
As attorneys who routinely support consumers in potentially dire financial straits, we are empathetic and compassionate about what these problems mean to our clients. More importantly, we’ve grown to understand how important it is that we only deliver our best possible work so our clients’ chances of getting the best possible outcome are secured.
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