Debt settlement (or debt negotiation) is a legal solution for individuals who want to avoid bankruptcy by negotiating and settling with credit card companies and other creditors for a fraction of the amount owed. Credit card companies today are often willing to settle for much less than what is owed when faced with the possibility of you filing bankruptcy or you not paying any amount on the debt. The debt settlement process takes months to a year or more, which is the amount it usually takes for our clients to save enough money to start the negotiation process. From the viewpoint of a creditor, the likelihood of collectability grows slimmer as the account ages.
Anyone can attempt to settle his or her own debt. However, there are advantages to having LL&K settle your debts for you, including:
These advantages include:
Emotional relief. After we obtain all the necessary account information, we encourage our clients to go home and either shred or store away all bills, statements, collection letters, or anything else that may remind them of their debt. Once we are retained, we notify our clients creditors to let them know that we are our clients attorneys and that all communications must be directed to us only. Stopping the harassing communications and eliminating the daily reminders of their debts allow our clients to focus their energy on expanding their income and saving power.
Legal knowledge. There are other debt negotiation companies out there, but they are not law firms. They have neither the necessary legal knowledge nor skills; the law even prohibits them from giving you legal advice. The attorneys of LL&K are knowledgeable of the applicable state and federal laws designed to protect consumers like you. If your creditors or debt collectors are in violation of these laws, we can help you protect and enforce your rights.