Contact Christopher German Your Denver Debt Settlement Lawyer
Many of our clients face a variety of issues, from a car repossession, foreclosure, or loss of a business, resulting in a lot of stress and financial hardship. If you have a lot of credit card debt, medical bills or personal loans, a creditor will likely sue you to collect this debt. Even if a creditor charges off a debt, you can still be held responsible for the debt. Debt settlement could be the right option for you, although you will need to have a portion of your debt as a liquid cash asset on hand.
People who are not able to fully pay their debts may opt for debt settlement if a fair resolution can be reached with creditors. It is often possible to persuade a creditor to settle a debt for 25% to 80% off the original debt, and accept reduced monthly payments or a lump sum payment. This is effective if the creditor believes bankruptcy is looming. The creditor may benefit by not having to engage in expensive litigation in court. Successful completion of a debt settlement agreement should be reported to all major credit reporting agencies and show up on the debtor’s credit report. Debt settlement may be a good option for those not wanting to file for bankruptcy.
Some people hire a debt settlement company to settle their debt instead of a lawyer. This is not a good idea. A non-lawyer is not allowed to sign legal pleadings settling a debt collection matter and many debt settlement companies frequently go out of business. A bankruptcy lawyer has the better tools to defend against aggressive collection agencies, and will be able to negotiate on your behalf more effectively. A debt settlement lawyer is your best bet at settlement.