Debt Settlement Plans

 

Debt Settlement Plans

A Debt Settlement Plan (sometimes called a “workout”) is a payment arrangement negotiated with creditors on behalf of a client.  Not all creditors are willing to enter into such a plan. However, savvy creditors will often negotiate with an attorney, rather than seeing the debt become uncollectable.  In some instances a Debt Settlement Plan may be preferable to Bankruptcy.

When to Consider a Debt Settlement Plan:  

  • 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 bankruptcy in the last 8 years (Chapter 7).

If you have any questions about Debt Settlement Plans, please give us a call.

For a free debt consultation, call us anytime at 215-392-0572
(toll-free at 888-394-8318) or use the form above to send us an email.