Debt Settlement Louisville Kentucky attorney
Some bankruptcy attorneys may not offer Debt Settlement. Our office offers Debt settlement relief services when negotiation is better than bankruptcy. Debt Settlement is not something you want to do yourself.. When you call the creditor the call is recorded so your admission that you owe the debt can be used against you. Collectors are often only interested in you making payments.
Why Debt Collectors record your calls
Collection staff records your statements as admissions that you owe the debt and question you to find out where your assets are. Talk to a debt collector, and often all you will do is make the situation worse. Everything you say is being recorded and can and will be used against you later. By using an attorney that knows the law and that can sue the creditor back. You let the creditor know you are serious in offering them a settlement. If they fail to negotiate in good faith that you may file bankruptcy or even sue them back.
Why use a Debtor Collection attorney instead of a service
We have been defending debt collection cases and settling debts since 1988. Be wary of debt settlement companies which require that you pay them money which should be paid to the creditors. Often these companies operate just like Ameridebt which took clients monies and then filed bankruptcy themselves. Debt settlement agencies often keep your funds and leave you still owing the companies. Kentucky’s Debt Adjusting law requires these companies to register with the Kentucky Attorney General due to the high level of fraud and how little they deliver. Some debt settlement companies claim to be law offices but aren’t. Creditors know which ones to respect.
Why use an office that also files bankruptcy cases
Far too often law firms only offer bankruptcy as a way of handling debt when debt settlement would have been better for the client. We take about 2 hours in our initial interview with you to learn your needs and wants. Debt Settlement may take more work than filing bankruptcy, but it saves the important Chapter 7 discharge that you may need later and may harm your credit less than bankruptcy. It is also helpful because it impacts credit less than bankruptcy making it easier to obtain a 725 credit score. The collector knows what may happen when you use an attorney who is known for his bankruptcy cases.
When do I want to use Bankruptcy
Bankruptcy is a far more powerful tool than Debt Settlement. But Debt Settlement may allow you to keep property that bankruptcy will not. Bankruptcy is a public court record and a blemish on your credit report that will deny you a mortgage for two years. Bankruptcy may improve your credit, if your credit is already damaged. Every case is different. Debt settlement does not have to be a public record like bankruptcy and may not impact your credit score at all. The account may have been disputed and may have never been overdue. If you only have a few creditors with large balances, debt settlement becomes a faster and more feasible option that avoids the courts and that effects your business less.
Never threaten a debt collector with bankruptcy
When you use a bankruptcy attorney to negotiate a debt settlement the tone of the negotiation and the change in attitude by the lender is often obvious. The creditor has to negotiate in good faith or face the possibility that you will file bankruptcy giving them often nothing. Lenders know you are serious by using a bankruptcy attorney that has destroyed his ability to collect before. There is no need to threaten it.
The creditor suddenly knows it is settle or else. Even if they have sued and placed a lien against your home, they know that their lien may be stripped in bankruptcy and what the alternative is. Debt settlement becomes something in their best interests. If you are considering Debt settlement, call us. We know debt settlement because we used to work for lenders. Now you can have us working for you.