An Alternative To Bankruptcy

Everyone’s financial problems are different and unique. For some, bankruptcy is genuinely the only option; for others in debt, you may have less costly alternatives. In the Chicago area, you can have an experienced Chicago debt settlement lawyer examine and discuss your financial situation before you commit to any single course of action. Debt settlement is one alternative to bankruptcy that has worked for scores of people in debt. You too should consider debt settlement if you want to pay a debt but you cannot meet the creditor’s terms; if you need to pay less to discharge your debts than you would pay by filing a Chapter 13 bankruptcy; or if you are prevented from filing for bankruptcy because of previous filings or because you do not meet the means test.

A good Chicago debt settlement lawyer can negotiate with creditors and usually settle your debt. Then the creditor agrees in writing to accept the settlement amount, and your payment will discharge the debt. You do not need to pay the full debt at once; installment plans are usually a part of debt settlements. Try to avoid debt consolidation services, which usually cost more than lawyers’ services. Debt consolidation companies also have no legal way to stop a creditor from suing you. Many debts don’t even qualify for debt consolidation, so any relief you obtain from debt consolidation services is slight and short-term.

A good debt settlement lawyer can provide the essential advice, services, and representation you need in the debt negotiation process. Debt settlement negotiations are not something you want to conduct on your own. If you are in or near the greater Chicago area, and if you face mounting debts and you cannot pay them, discuss your debt settlement and bankruptcy options with an experienced Chicago debt settlement lawyer immediately.