Debt Settlement Lawyer Waterbury, CT
When you are struggling with debt and want to learn more about debt settlement, call the debt settlement lawyer Waterbury, CT relies on from the Law Offices of Ronald I. Chorches. We have helped many clients who are under serious amounts of debt, so we understand the stress that you are likely feeling in your life right now when you want to figure out what you can do to get out of debt or at least relieve some of the debt. If you would like to learn more about debt settlement and speak with an attorney from our team, give our office a call. We want to help you as soon as possible.
What does it mean to go through the process of debt settlement?
If you have not done this before, the process of debt settlement may sound too good to be true. During this process, you will pay off a significantly less amount of debt than what you actually owe. Thus, if you owe $20,000 in debt to a credit card company, you may settle your debt for $8,000. This means the other $12,000 in debt was “forgiven” and you do not need to pay it.
Who is supposed to figure out the settlement?
When you want to settle your debt, your bankruptcy lawyer Waterbury, CT trusts will be the one to do this for you. Your attorney will begin the negotiation process with the other representative (typically this will be a creditor or some other type of collection agency). Your lawyer will work to bring down the amount of debt that you owe.
That doesn’t make sense. Why would a creditor settle for a lower payment?
A creditor knows that the higher up you get in debt, the less likely you are to pay it. You may think that there is no way you can get out of a debt you have owed for a year and you may be swimming in high interest rates. However, it is not in the creditor’s best interest for themself or their company to try and collect the entire amount owed since that will likely not happen. If you decided that bankruptcy is a better option, the creditor knows they will likely see close to nothing regarding the debt. Thus, it is better for them (and you) to come to an agreement regarding a more reasonable price you can pay.
Call us today if you want to see how our Waterbury, Connecticut debt settlement lawyer can help you.