Debt Settlement

Men arm wrestling over money

Debt Settlement May Be Your Solution

At The Law Offices Of Dax J. Miller, we assess each client’s situation to determine the best course of legal action.  Bankruptcy may certainly be a very effective tool for the right situation.  However, if your situation warrants, your solution may necessitate debt settlement.  Hiring an Indiana Bankruptcy Attorney may be effective if you have relatively few creditors.  The fewer creditors, the more likely all of your creditors will settle.  If, however, all of your creditors will not settle, then you are faced with a difficult decision.

If all of your creditors are willing to settle then the next issue is “Can you afford what they demand as settlement?”  Some creditors will allow monthly, biweekly, or weekly payments and some will require lump-sum payments.  Naturally, if all of the payments you commit yourself to are affordable and your creditors are willing to reflect a positive history on your credit report, then you should certainly take advantage of such a situation.

Unfortunately, this is the proverbial “rock and a hard place”.  If you successfully settle half of all of your debts, that is, by itself, a great accomplishment and something to be proud of.  On the flip side, you still have 50% of your debt left.  So if your total debt is $20,000.00 and you successfully settle $10,000.00, then that unsettled $10,000.00 is still sitting there – still collecting interest and late fees and still reporting negatively to your credit.   Eventually, that creditor may sue you which necessarily tacks on more interest and even the creditor’s attorney fees. Generally speaking, if you cannot settle all of your debts in an affordable way, you may be “throwing good money after bad.”

If you make good faith efforts to work with your creditors and they refuse to entertain even the most reasonable of offers, then your options become much clearer.  Spending time and money to get unreasonable creditors to accept money you do not have is a clear indication that you may want to explore Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.

Take Control Now

Your debt is the problem.  The Law Offices of Dax J. Miller may be your solution.  We offer UNLIMITED FREE consultations to ensure that you are comfortable and confident in your financial future.  More importantly, we are LOCAL.

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