San Fernando Valley Debt Settlement Attorney

Information about Debt Settlement

Debt settlement is a method of debt relief that involves offering a creditor a lump sum payment that is less than the original debt amount.  In the eyes of the creditor, this payment effectively satisfies, or "settles" the debt, and rids the debtor of financial liability.  In many cases, the settlement terms can be quite favorable to the debtor.  Creditors will often settle a debt for 40% to 50% of the original amount,   and in some cases they may even be willing to settle for only 20% to 25% of the original amount.  The debtor themselves can negotiate a settlement with a creditor, or the creditor will oftentimes offer a settlement if they can see that the debtor will not be able to make their payments.  The offer is usually only for a finite period of time, after which the creditor may resume collection actions or file legal action.

If you are considering negotiating with a creditor for a settlement of your debt, it is advised you contact a San Fernando Valley bankruptcy lawyer who is experienced in debt negotiation and can enter into talks with your creditor on your behalf.

Debt Settlement Lawyer in the San Fernando Valley

Negotiating a settlement with your creditor is not always an easy process.  Some creditors may not be willing to settle for anything less than the full amount, and those that are may still present you with difficulties.  Hiring an attorney who is well-versed in debt negotiation or settlement can increase your chances of a favorable outcome, as they can work with the creditor to come to a solution that is mutually beneficial.  The Law Offices of John Ribarich has helped many clients to settle their debts, and we are available to assist you in speaking to your creditors.  Contact us today, and we will get to work to increase the likelihood of a successful settlement that effectively rids you of your financial liability.

Contact a San Fernando Valley Debt Settlement Attorney if you are seeking relief from your overwhelming debt and are in need of legal help.