Bankruptcy can be a good opportunity to get your debt under control and get a fresh financial start, but for some people and situations, it’s not the best option. Bankruptcy may not be the most desirable choice if:
However, debt settlement is a viable alternative to bankruptcy in many situations. The attorneys at the Running Law Firm can review your particular circumstances and help you decide if debt settlement is right for you.
Especially in the challenging economic client of recent years, many people struggle to pay their debts or keep up with loan payments. Creditors know that if debtors file for bankruptcy protection, they may lose their ability to collect on a debt. In light of this, many are willing to accept a settlement of the debt for less than the full amount owed.
Creditors are often more willing to consider debt settlement or workouts for debtors who are represented by counsel. They may also agree to settlement terms that are more favorable to the debtor when an attorney is involved.
Attorney Terri Ann Running has experience from the banker’s side of the table. She understands what motivates lenders and other creditors and can offer a unique perspective when analyzing your financial situation.
There are a number of advantages to debt settlement, depending on the nature and amount of your debt, and other details of your situation. These include:
However, debt settlement can also have drawbacks, so it’s important to discuss your entire financial picture with a knowledgeable attorney who can help you identify and weigh your options.
If you are interested in learning more about debt settlement as an option for bringing your financial situation under control, contact the Running Law Firm for a consultation at 612-279-2660. We look forward to working with you.