Common Debt Settlement Questions
Below we have listed some of the most common questions we receive regarding debt settlement.
What is Attorney Debt Settlement?
Debt settlement is where a creditor agrees to accept a reduced amount in satisfaction of an outstanding debt. Most companies that you owe money to realize that if you were to file bankruptcy they would receive very little if any money. Consequently, these companies are often willing to accept a lesser amount. In return, you pay off your debt at a reduced rate and avoid filing bankruptcy.
What Kind of Debt Can Be Settled?
Credit card debt, SBA loans, business debt, medical bills, finance company debt, payday loans, personal loans, and more.
Can I Afford Debt Settlement?
If you have an income or have money set aside you will likely qualify for debt settlement. Debt settlement involves making a lump sum payment to each of your creditors. Some individuals have money set aside such as money in savings or a retirement account, while others require a payment plan.
Do I Need a Debt Settlement Attorney in Louisiana?
There are many companies out there advertising “debt settlement.” Unlike a lot of these companies that either work for the credit card companies or are a complete scam, we are a firm of licensed Louisiana attorneys working within rules of professional conduct. With our firm you will have the assurance of knowing your matter is being handled by an experienced Louisiana debt settlement attorney.
Is Debt Settlement the Best Solution for my Financial Troubles?
If you meet with a debt settlement lawyer they will likely tell you that debt settlement is your best option, and if you meet with a bankruptcy attorney they will often persuade to file bankruptcy. Tom St. Germain handles both debt settlement and bankruptcy. Therefore, we are able to give you an unbiased opinion that other firms are unable to offer.