Debt Settlement is a process where-in the debt negotiator (Attorney) reaches an agreement with your bank or other creditor. The principal is satisfied for a fraction of the balance owed. In most cases, only unsecured debts, such as credit card debt, personal loans, and accounts in collection will qualify.
The debt settlement process has typically saved a client thousands or tens of thousands of dollars depending on the creditor. Attorneys that specialize in debt negotiations/loss mitigation are simply the most qualified and efficient in obtaining the best results for their clients.
This process is appropriate for debtors that just want to get their debts "paid off" for the lowest settlement amounts possible, and are not concerned about the short term negative impact that the debt settlement procedure has on their credit report.
Clients enrolling into our debt settlement program must have a "legitimate financial hardship" (i.e., loss of income, medical issues, divorce, etc.) and want professional representation from an attorney well-versed in debt negotiation. They do not or cannot file for bankruptcy.
HIGHLIGHTS OF OUR UNIQUE DEBT SETTLEMENT PROGRAM:
- One Low Monthly Payment: Geared to your budget
- No Home Ownership Required
- Debt Free in 24-36 months
- Avoid Filing Bankruptcy
- No "Up-Front" Fees
- Your Money completely protected in an escrow account
- Available in Most States.
- Attorney-based Company: All settlements negotiated by attorneys & you are represented by an attorney through the entire settlement process.
IMPORTANT FACTS TO CONSIDER BEFORE ENROLLING IN DEBT SETTLEMENT
Creditors don't typically settle debts until they're a few months past due. That means you may have to stop paying your accounts for a few months. Meanwhile, late payments are reported to the credit bureaus, your credit score drops, and you might begin receiving collection calls. The late payments may remain on your credit report for up to seven years. Until you replace the negative payment history with some positive information, you may have difficulty getting new credit cards and loans.
If the debt settlement company successfully settles with your creditors, the delinquent information isn't erased from your credit report. Instead, your account is updated as "Charged-Off Settled" Or "Paid-Settled", neither of which is as good as a "Paid in Full" account.
After debt settlement, it may a few months or even a few years to be approved for unsecured credit.
You could owe taxes on settled debts. The Internal Revenue Service (IRS) treats forgiven debts as income and expect you to pay income taxes on it. Creditors are supposed to send you a Form 1099-C for reporting cancelled debts, but you're supposed to include the debt in your tax return even if you don't receive the form.
The good news is that there are strategies that are available to overcome most, if not all, of the drawbacks to debt settlement.
IF YOU HAVE $10,000.00 or more in Credit Card Debt Please
Call or E-Mail Us For a No-Obligation Consultation at (631) 389-3860
The Law Offices of David M. Green 6800 Jericho Turnpike Suite 113E Syosset, NY 11791 Tel: (516) 880-6570 Fax: (631) 824-9384 Info@Bankattorney.us We are a debt relief agency serving individuals and businesses located in New York’s Kings (Brooklyn), Queens, Staten Island, Bronx, Westchester, Nassau and Suffolk Counties (Long Island). We assist people and businesses to file for relief under the Bankruptcy Code.
