Looking for Bankruptcy Alternatives?
Our Lewisville Attorneys Explain What to Know About Debt Settlement
Some people who find themselves in over their heads with debt have many reasons to believe that neither Chapter 7 or Chapter 13 bankruptcy is best for them. Perhaps too many exemptions apply in your particular circumstances, or you are dealing with secured debt that cannot be discharged in bankruptcy. In these cases, you may be able to seek debt relief in the form of settlement. With the help of an experienced lawyer, you can negotiate with your creditors, who may agree to lower the amount owed, reduce or eliminate interest and/or lower payments over a period of time.
To discuss bankruptcy alternatives, including debt settlement, schedule a free, face-to-face initial consultation at the law offices of Shuster Law Firm PLLC, in Lewisville, Texas. Call (972) 315-6222 or fill out our free, confidential online debt review form. We will ask you to bring documentation of all debts with you to the first meeting, so that we can get started working towards getting your debt back under control as soon as possible.
How is Settlement Different from Bankruptcy?
Both Chapter 7 and Chapter 13 bankruptcy offer debt relief by allowing you to pay your creditors some money and then discharging the rest of your debt through a court order. Settlement does not involve going to court, but instead is based on direct negotiations with your creditors. With the help of a lawyer, you may be able to negotiate a more reasonable payment plan or even a lower payment overall.
You can stop creditor harassment when you choose to pursue debt settlement. Our Lewisville lawyers can send each one of your creditors a letter notifying them of our representation, just as if you were filing bankruptcy. According to the Texas Fair Debt Collection Practices Act (FDCPA), once you retain an attorney and the creditors are notified of that fact, they are not allowed to contact you directly. All communications must go through your lawyer, meaning you no longer have to deal with the creditors on your own – they have to go through us, and we know how to deal with creditors.
How Can Settlement Lawyers Help Me Avoid Bankruptcy?
Working with a lawyer may give you more leverage and indicate to the creditor that you have considered bankruptcy as an option. Creditors are often willing to work with those seeking debt settlement in order to recover some of what they invested by lending money. At the conclusion of debt settlement negotiations, you may end up with documentation from creditors verifying a reduction in the total amount you owe that can be for pennies on the dollar, in some cases.
Beware of commercial debt settlement companies that ask you to pay them for information and assistance while you stop paying your creditors. Many debt settlement companies are scam operations looking to take your money and do nothing on your behalf. You may even end up in a worst off situation as a result! An attorney is bound by ethical rules and will help you legally pursue a favorable debt settlement agreement with your best interests and getting control of your debt in mind.
Learn More About Debt Settlement in a Free Review with Our Lewisville Attorneys
At Shuster Law Firm PLLC, we are committed to helping Texas families reclaim their financial independence through debt settlement and bankruptcy. Partner and experienced Lewisville debt relief attorney David Shuster devotes most of his practice to bankruptcy and debt settlement law, and has the experience you need on your side when you go up against tough creditors.
Settle your debts legally and affordably through debt settlement negotiations. Our past clients include residents of Fort Worth, Arlington, Flower Mound, and Denton, but we accept cases from throughout the Dallas area. Contact us online or call (972) 315-6222 to arrange a free initial consultation to discuss your financial circumstances.
We are a debt relief agency. We help people file for debt relief under the U.S. Bankruptcy Code.