“Debt Settlement”

A potential way to address your debt obligation(s) without having to file for personal Bankruptcy is what is known as “Debt Settlement”.  This is the process by which one negotiates with creditors to hopefully accomplish a multitude of results.  There are a number of considerations that your creditors will take into account, but if successful, the results that may be achieved are:

  1. Reduced balance amount(s);
  2. The structuring of an affordable repayment plan;
  3. A reduction in the interest rate(s);
  4. The potential to negotiate the impact on your credit report and score; and,
  5. Any combination of the above which will afford you the best financial outcome.

Typically, a Debt Settlement makes the most sense when debt obligations are either relatively lower than when compared to someone who is looking to file a Bankruptcy Case, or there are only a few creditors.  In addition, usually, some type of unplanned ‘financial hardship’ has occurred making collection on the original debt obligation virtually impossible.

A skilled attorney can assist in these negotiations and put your best case forward allowing for the greatest potential of success while reaping the most benefits in your favor.

Whatever the result of the negotiations, you always have additional alternatives.  Therefore, never feel trapped into any outcome.  If the final result is still not in your best financial interest, you may consider filing for a personal Bankruptcy Case.  Please see the discussion on Chapter 7 and Chapter 13 Bankruptcy.  There is always a solution.  We are determined to find the most optimal solution for you.


Call the Law Office of Bardsley & Gray for a Free Consultation and to Receive Freedom from Your Financial Anxieties

(508) 985-0054

(508) 672-6747

Let our Years of Skill, Knowledge, Integrity, and Personal Approach Successfully Guide You through this Process.