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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.
You Might Not Qualify for Bankruptcy
Many potential bankruptcy clients take the opportunity to file for bankruptcy and discharge debt for granted, as if it’s always there no matter what. This simply is not the case. In many instances a person does not qualify for chapter 7 bankruptcy because their income is too high, or they’d have unprotected assets the trustee could sell to pay creditors. For those individuals, Debt Settlement can be a great solution to address the problem of debt without risking adverse action by a bankruptcy Court or Trustee.
Almost Anyone Can Qualify for Debt Settlement
Compared to bankruptcy, qualifying for debt settlement is easy. As long as you have a means of obtaining income, McFarlin’s credit card settlement attorneys can likely negotiate a settlement program that will get you out of debt and allow you to move on with your life.
At McFarlin LLP our job is helping people in Southern California just like you get out of debt. If you would like to weigh your options for debt relief, we are ready to sit down with you to see how we can help. Call us at 949-544-2640 or set up an appointment online with one of our Irvine, California-based lawyers today. The appointment is free.