We offer a free twenty minute consultation about debt settlement. Most people's questions can be answered in our free twenty minute consultation. We offer a longer consultation for more complicated cases for a minimal charge.
Frequently Asked Questions About Debt Setlement
Does It Really Work? Yes. We have extensive experience in debt settlement. We have settled debts for our clients for over ten years.
What Types of Debt Can Be Settled? We usually work with credit card debt. However, medical bills, personal loans, and business debt may be settled as well.
How Does Debt Settlement Work? We negotiate payment of a debt for less than the full amount currently owed. The payment may be paid at one time or sometimes the creditor will take payments. For example, if we settle a credit card debt for forty cents on the dollar, that means the creditor wil accept $4000 on a credit card balance of $10,000.
How Much Can I Save Using Debt Settlement? The amount of the settlements vary based on a number of factors, including your personal financial situation, such as the total amount of your debt and the number of months your credit accounts are past due, the policies of each creditor, and the skill and experience of the person negotiating the debt. Our attorney has over ten years of experience negotiating with creditors.
Are there any tax consequences? You may be issued a 1099 for cancellation of debt or miscellaneous income by the creditor. You should discuss tax consequences with your tax advisor.
Can I be sued if I do not pay my debts? Yes. Credit card companies and other creditors frequently file lawsuits against people who do not pay their debts. We have extensive experience handling these types of lawsuits for California residents. It is important to use a professional that will represent you in court if you are unable to settle your credit accounts quickly and you get sued.
Is debt settlement for everyone? No. Sometimes people should simply pay their bills on time to get or keep good credit scores. Sometimes people should file bankruptcy or use temporary financial hardship payment plans. We offer a free consultation to help you decide the best plan of action for you.