If you are looking for a way to settle your debts without having to file for bankruptcy, debt settlement may be right for you. With our 25 years of bankruptcy experience LoBue Law, PLLC, we can help you settle your debts and satisfy your creditors without having to file for bankruptcy. You can then move forward with peace of mind knowing your financial future is more secure. Our Plano debt settlement attorney has extensive experience helping clients find the solutions that are right for them.
Call LoBue Law, PLLC at (972) 694-6400 today for a free initial consultation and let us help you on your way to a debt-free future.
I just recently got my official discharge and I couldn't be more grateful to Vinny for making it happen in a completely un-stressful manner.Kenn B.
Debt settlements usually occur through third parties and allow debtors to negotiate with their creditors and create a plan to pay off their liabilities and discharge the rest of their debts. This means that once the amount agreed upon is paid, the creditor gives up all legal rights to the rest of the debt. Debt settlements allow for you and your creditor to negotiate a deal without involving the court system, meaning you can avoid the formal bankruptcy process. Usually, creditors and debtors, through a lawyer or third-party debt settlement agency, agree to settle the debt for a fraction of the actual amount owed. While not for everyone in every situation, using a debt settlement means that you can pay off your debts and solve your debt solution problems without the time or expense of bankruptcy.
There are several major benefits to a debt settlement over bankruptcy.
Debt settlement allows the debtor to:
- Escape the harassment of debt collection
- Avoid bankruptcy
- Have more freedom in paying off debts
This option may be the best way for some people to get back on track with their finances. It also provides an individual the peace of mind that they paid off their debts themselves without having to go through the social stigma of bankruptcy.
However, debt settlements are complicated and, because they are not supervised by the court, they have pitfalls that an unsuspecting debtor could fall into unless they are properly advised.
Debt settlement may not be right for you if:
- Your creditors refuse to settle
- You are forced to go into more debt by stopping payments on the debt during the settlement negotiations
- or debt settlement companies charge too high a fee
Any of these situations could make debt settlement do you more harm than good.
Debt settlements are complicated and nuanced transactions between debtors and creditors. While there are many debt settlement companies that you could hire to represent you, a lawyer is highly qualified to negotiate a settlement that best reflects your needs and can provide you a plan that can be of most help to you and your family. With over 25 years of legal experience, our debt settlement lawyer in Plano can represent you before creditors, negotiate a settlement, insist on the right terms for you, and see that the agreement is carried out.