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Debt Settlement Lawyer in Batesville

What Is Debt Settlement?

In simple terms, debt settlement is the process of lowering the total amount of debt owed to a creditor. The process typically occurs through negotiation between the debtor and creditor or attorneys hired on behalf of either party. Once a lowered debt amount is agreed upon, the debtor is responsible for paying this amount to the creditor within a certain timeframe. In certain cases, debt settlement offers an attractive alternative to bankruptcy proceedings.

Many debt settlement companies promise that they can reduce your debt significantly as long as you stop making payments to creditors and instead pay the debt resettlement company. What they fail to tell you, however, is that you are likely to end up owing even more in interest charges and fees. They also probably won’t tell you that your creditors do not have to accept a settlement and, in many cases, they won’t.

If you are interested in debt settlement, it is always best to work with an attorney. Call our debt settlement attorney in Batesville at (870) 293-6004 for an initial consultation.

Determining If Debt Settlement Is Right for You

If you are facing insurmountable debt but you do not wish to file bankruptcy, debt settlement may be an attractive alternative. However, it is important to keep in mind that, just like bankruptcy, debt settlement has several pros and cons.

Some of the benefits of debt settlement include:

  • If successful, debt settlement can help you secure much lower, more manageable monthly payments
  • If negotiation is successful, you will owe far less (often as much as 50% less) than your initial debt amount
  • You will likely be able to save a lot of money in the long run if debt settlement negotiations succeed

However, it is important to also keep the disadvantages of debt settlement in mind. For one, debt settlement has a negative impact on your credit score. After debt settlement, creditors will report that you settled your debt for less than was owed. This can damage your credit score for a period of up to seven years. Furthermore, if you stop making payments during the time that you are attempting to settle your debt, your creditors will likely continue reporting late payments, which can further hurt your credit.

Lastly, and perhaps most importantly, creditors do not have to accept a settlement. If negotiation is not successful, you will either have to continue paying the full amount of your debt or pursue other avenues of debt relief, such as Chapter 7 or Chapter 13 bankruptcy.

Call Burgess Law Firm Today

If you are interested in pursuing debt settlement as a means of debt relief, our firm can help. At Burgess Law Firm, we offer personalized legal counsel tailored to each client’s individual goals. Our Batesville debt settlement attorney can help you weigh the pros and cons of your various debt relief options. We understand just how stressful it is to deal with overwhelming debt, which is why our team offers compassionate guidance and uncompromising advocacy every step of the way. We are proud to help individuals, couples, and families throughout Independence County find debt relief solutions suited to their unique situations.

Call (870) 293-6004 or contact us online for an initial, confidential consultation with Attorney Johnathon Burgess today.

Committed to Our Clients

At Burgess Law Firm, our clients come first. We understand just how difficult it is to face large amounts of debt, relentless creditors, and mounting fees. Our goal is to help you find a debt relief solution tailored to your unique situation and goals. We don’t employ a one-size-fits-all approach; instead, we work one-on-one with each client to create a personalized plan of action. We have helped countless individuals and families in serious financial situations regain control of their finances and turn their lives around. If you are struggling to overcome significant debt, remember: there is hope. Read our client testimonials to see how we’ve helped other people in situations similar to yours.

  • “With me every step of the way!”
  • “Mr. Burgess made me feel comfortable!”
  • “He’s just an honest, hard-working attorney who cares about all of his clients.”
  • “As easy as I could have imagined!”
  • “The staff is very friendly! ”