 You may retain our firm to negotiate a debt settlement without filing for bankruptcy. For many individuals, filing for bankruptcy may not be the best option. Our debt settlement practice has been successful in resolving unsecured (i.e. credit cards, collection accounts) for only a percentage of what is owed.
The fastest growing trend in debt resolution is Debt Settlement. It is a proven and effective bankruptcy alternative. It is most effective for unsecured creditors, which include credit cards, medical bills, and collection accounts of all types.
Below is a hypothetical Debt Settlement:
Debts
Credit Card #1 - $10,000
Settled amount - $5,000
Credit Card #2 - $10,000
Settled amount - $6,000
Collection Account - $15,000
Settled amount - $9,000
The total savings under this hypothetical is $15,000.00!
Debt Settlement is most effective with a lump sum payment to the creditors. The funds to make the lump sum payment may be raised in a number of ways, including, but not limited necessarily to the following:
Retirement Plan Loans: Many plans (i.e. 401k) allow participants to withdraw a percentage of what is saved in a lump sum. After the debt settlement is completed you repay yourself over time without losing the benefits of tax deferred appreciation.
Home Equity Lines of Credit: This allows you to settle your unsecured debts, like credit cards, for only a percentage of what is owed and pay yourself back while your home continues to appreciate.
Success Stories
Chase Bank
$7,827 of debt privately settled for 40% of what was owed.
MBNA
$19, 304 of credit card debt privately settled for 25% of what was owed in a lump settlement package for a well-known restaurant owner that was able to avoid bankruptcy and preserve his reputation.
Discover Financial
$10,588 of credit card debt privately settled for 22% of what was owed for a client going through a serious illness.
Citibank
$42,554 of credit card debt settled for 30% of what was owed allowing a family to protect their residence without filing for bankruptcy.
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