Get Rid of Credit Card Debt Without Filing Bankruptcy
Want to know a secret? The closer a creditor thinks you are to filing bankruptcy
the more likely they are to settle with you for pennies on the dollar.
It’s true. And it makes sense. If you end up in bankruptcy, the credit
card companies get nothing. Zero. Zilch. Of course, they don’t want
you to know that. And they certainly don’t want you to know how
low they will actually go. With the average debtor, they are going to
continue to play hardball to see how much they can get. They might try
to intimidate you into settling for higher amounts than necessary and
could try to confuse you by making the debt reduction process unnecessarily
cumbersome. That is why having a professional credit card settlement attorney
on your side can make all the difference.
When a consumer or non-bankruptcy law firm “threatens” bankruptcy,
it frankly has very little credibility because creditors can see that’s
not a likely scenario. However, since McFarlin LLP actually files quite
a number of bankruptcies every month and has a robust bankruptcy department,
the prospect of us actually filing a bankruptcy is taken seriously, which
gives us leverage in our negotiation.
At McFarlin LLP, our credit card settlement attorneys know how to stand
up to the credit card companies and collection agencies to negotiate on
your behalf to legally reduce your overall debt. We also work hard to
fashion a payment plan that makes sense for your particular circumstances,
or in some instances challenge the debt to make it go away completely.
Debt Settlement or Bankruptcy: Which is Better?
Many people burdened by overwhelming debt think that the only way out is
through bankruptcy. But debt settlement can allow you to get a great result
also — lawfully eliminating credit card debt — without all
the fallout that bankruptcy can cause.
It is true that both bankruptcy and debt settlement involve debt forgiveness,
and can (at least temporarily) be damaging to your credit. Many people
consider there to be a “stigma” attached to filing bankruptcy
so they will struggle with the overwhelming burden of debt for years without
making any progress. Debt Settlement may be that appropriate middle ground
where it’s not payment on the creditor’s overburdensome terms,
but it also isn’t as severe as filing bankruptcy.
At McFarlin LLP, we just want you to be aware of all your options and have
the opportunity to make an informed decision which suits you, rather than
be pushed into something you’ll regret.