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Mueller Bankruptcy Guide
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   Debt Negotiation
(Sometimes Avoid Bankruptcy)

The goal of debt negotiation or debt settlement is to work out a lump sum settlement or a payment arrangement with creditors. Not all creditors are willing to enter into such a plan. However, savvy creditors will sometimes negotiate with an attorney rather than seeing the debt become noncollectable. In some instances debt negotiation may be preferable to bankruptcy.

When to Consider a Creditor Negotiation:

  • You could payoff the balances if settled for a greatly reduced amount.
  • You could pay the creditor, it the payments could be reduced.
  • You want to avoid having a bankruptcy on your credit report.
  • You financial difficulties are very short term.
  • The problem is primarily with one or a few creditors.
  • You have filed for Chapter 7 bankruptcy in the last 8 years.

Debt negotiation is not possible in all cases, and Chapter 7 or Chapter 13 may be better alternatives. Debt negotiation is separate approach than mortgage foreclosure defense, although they may be used in combination. If you need professional help negotiating with your creditors, give us a call.

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