Exploring Non-Bankruptcy Solutions: Debt Settlement
Declaring bankruptcy is not the right solution for every situation or for every person. If you are not comfortable with the idea of filing for bankruptcy for personal reasons or if your situation is such that all you really need is a little breathing room — there are other options, including debt settlement.
At Resnick & Moss, P.C., we help individual and business clients in the Detroit area and southeast Michigan solve financial problems through bankruptcy, and through non-bankruptcy means as well. If you are in our area and would like to learn more about all of the options that might work for your situation — we encourage you to contact us to schedule an initial consultation with one of our lawyers.
Debt settlement can be an excellent alternative to bankruptcy but is not for everyone. If it will work for you and you would like to pursue it, our attorneys can develop an effective, legally sound plan designed to accomplish your goals while satisfying your creditors at the same time.
If just a few creditors are the primary source of your financial difficulties — a debt settlement plan may work for you.
Also known as a "creditor workout" — debt settlement can be achieved by negotiating directly with the creditor to reduce the debt you owe, to eliminate or lower the interest rates you are paying, to eliminate late payment fees and penalties or to do any combination of those things.
So why would a creditor voluntarily agree to do any of those things? The answer is that without an attorney representing you, they might not. Having an attorney, by contrast, changes the creditor's view of the situation in that it lets them know you are seriously considering bankruptcy as an option. Often, this has the immediate effect of making them more reasonable.
Reach us online or call our firm's Bloomfield Hill law offices directly at 248-642-5400 to find out what we can do for you.
