Debt Settlement

Sacramento Debt Settlement Attorneys

If you have debts that you would like to settle or pay less than what is owed yet you either don’t qualify for or are trying to avoid filing for bankruptcy debt settlement may be for you.

Be Careful

You have to be careful who you hire to help you negotiate your debt.  We have consulted with many clients whom, having credit card debt, hired XYZ Shady Debt Settlement Company to negotiate their debts.  These companies typically charge from 15-30%   of the total debt to negotiate settlements.  They typically are paid monthly and they won’t do anything until enough money is in the account for “settling.”  Unfortunately most of the time the creditors will file lawsuits against the debtor prior to the debtor having paid the required amount of money to the debt settlement company.  They then are either forced to file for bankruptcy or if they are even able to settle the debt it is for far more than they would have been able to settle it had it been settled earlier.

Then after having paid most of the fee to these and in light of lawsuits most of the companies will then refuse to help the client citing exclusion of “legal services” in their contract and will generally try to keep the money in the account.   In other cases even if the company starts negotiating they are rarely able to settle with all of the creditors at the same time and what will end up happening is most of the money will be spent on 80% of the creditors with the remaining few holding out for more than is available and then filing lawsuits regardless.  Ultimately the client has then spent all of that money on the debt settlement company and ended up having to file for bankruptcy anyways.  This has never happened to any of our clients because we don’t operate in this manner.

Nonetheless, Debt Settlement has its place, when done by ATTORNEYS, and there are instances where a client can be better served by debt settlement than by bankruptcy.

What is Debt Settlement?

“Debt Settlement” could be defined as the negotiation of an unsecured debt whereby the creditor agrees to take an amount less than claimed.  The reason it is limited to unsecured debts is that negotiation of a secured debt would be referred to as “loan modification.”

There is no guarantee as to how much we might be able to get your debt reduced, but there is a good chance that you will end up paying less than you would otherwise.

What is Mortgage Debt Settlement?

A mortgage debt settlement is where you offer the lender a lump sum of money in order to settle the loan and in exchange the lender should consider that payment as full and final satisfaction for the debt. For a more detailed explanation of the different types of mortgage debt settlements and our results please read more about Mortgage Debt Settlement.

The Debt Settlement Process

Debt settlement is a process in which we as your legal counsel first get an analysis of your assets, liabilities, income and expenses and we prepare a financial statement and an estimate of the settlements we think can be obtained based on length of default and creditor.  We then discuss your ultimate goal.  Is it to save as much as possible even if it means paying more of a lump sum to the creditor, or do you have less saved up and are more interested in smaller payments spread over time? We evaluate your situation and give you our analysis of your best game plan.  We then execute that game plan with your creditors.  We make sure that the creditor is authorized to enter into a settlement agreement and accept payment for the debt and we make sure that we get all settlement agreements in writing and once the debt has been finalized we ask for releases in writing.

 This is a complex process that is best managed by competent attorneys with a proven track record.  We can help you settle the following debts;

  • Credit unions
  • Medical and hospital bills
  • Unsecured loans
  • Unsecured personal lines of credit
  • Business loans
  • Cars in repossession
  • Debt stemming from repossessed cars
  • Lawsuits

We will arrange to stop the late fees and penalties that have been mounting on your accounts, and you can direct the harassing phone calls from collection companies to us.  When the debt settlement process is completed, you will feel relief and your financial situation will be improved.

Experienced Debt Settlement Attorneys

We are experienced Sacramento Debt Settlement Attorneys and Bankruptcy Attorneys. We have helped thousands of individuals and businesses get the relief they need from their creditors through the use bankruptcy by filing a Ch. 7, Ch. 13, credit card debt negotiation or debt settlement and have successfully dealt with adversary proceedings brought by difficult creditors.  Our bankruptcy attorneys have achieved proven results and can give you the great legal advice and strategy needed to get you the results you want.  Contact us today to schedule your complimentary attorney consultation by clicking HERE or by calling 916-999-1376. We look forward to helping you with all of your Sacramento debt settlement or bankruptcy needs.

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