Debt Consolidation and Repayment Plans
Warning: Debt negotiation and debt consolidation services are not licensed in many states. Don’t be taken in by a radio or television ad, a fly-by-night Web site or disreputable company who may engage in fraudulent practices. If you wish to understand all of your options in obtaining debt relief while avoiding bankruptcy, contact a licensed and insured attorney instead.
Some people dealing with overwhelming debt and harassment by creditors feel they have little option but to file for bankruptcy, but they feel it is morally inappropriate or shameful. They feel they have failed. They don't want their neighbors, friends, family or business associates to know how out of control their debt has become.
At the Los Angeles law firm of Weintraub & Selth, you will find a team of accomplished debt relief attorneys who can help you evaluate your options in seeking alternatives to bankruptcy. To discuss your immediate needs and long-term goals with an experienced California debt negotiation lawyer, please contact us today.
When is Debt Negotiation a Good Option?
In debt negotiation, you and your lawyer will work together with your creditors to establish an agreement which allows you to settle your debt immediately in a lump sum or repay your debt over time.
In credit card debt negotiation, the bank or credit card company will often take as little as 25 to 35 cents on a dollar in settlement. Debt negotiation can be a good alternative to bankruptcy if you have a job, the ability to pay and have only a few creditors. Debt negotiation is also appropriate when business or personal bankruptcy is simply not an option because of questionable financial transfers, if your house or another asset will be lost or if you have repaid loans from family members in the past year. We can help you figure out which option is best for you.
Debt negotiation is not without its risks. The process can be costly with no guarantee of an outcome. One creditor who doesn't go along with the plan and files suit can ruin the whole arrangement. Keep in mind that what credit card negotiation companies will not tell you is that these plans have a high failure level. People lose their job or have unexpected expenses and are not able to keep up with the repayment plan. If this happens to you, you may find that you have paid a large sum to the debt negotiation company for its front loaded fee and have received little or no benefit whatsoever.
At Weintraub & Selth, your lawyer will explain your rights and lay out your options so that you can make the best decision as to how to proceed. Even if debt negotiation is not the right choice for you, you may still have options in seeking real, legal and ethical debt relief. Please call our L.A. offices at (310) 584-7702 or toll free at (866) 572-2423. You may also e-mail us now with any questions or to request an appointment.
