When the financial picture of the finances in a household shows the outgo of money exceeds the income that can lead to insolvency. If individuals are foregoing the necessities of life, using credit to pay for day-to-day living expenses, cancelling insurance coverage, experiencing wage garnishment, or other similar occurrences, it is time to turn to a professional bankruptcy attorney for sound advice.

There are options available to people burdened by large debts and have no foreseeable way to pay them off. Creditors can be relentless in their attempts to collect debt payments. Solutions provided by the government like HEMP loans or other government aide help many people retain their homes and avoid foreclosure. Credit counseling is a useful tool to establish a budget and a workable means for getting rid of debts as long as the person uses self-discipline and sticks to the plan. Debt settlement and debt negotiation are other ways some utilize to tackle their debts.

---

Alan J. Fisher, PA is a dedicated Boca Raton bankruptcy attorney, who helps individuals and businesses find solutions to their financial difficulties. We have assisted over 18,000 bankruptcy cases and we have extensive courtroom experience. Our goal is to help people gain a fresh start.

---

About Debt Settlement

Creditors would like to receive full payment of a debt owed, but sometimes that is not realistic. Some creditors are willing to take a lesser amount of money and use that to close out the debt. They will forgive a certain percentage of the account balance to settle the debt and it is typically 25-65% of the balance. If you have the lump sum payment to settle a debt and you decide that this is right for you, it is a good idea to seek legal advice before going with a debt settlement company.

There are many debt settlement companies out there and you need to make sure you know who you are dealing with. Many of them disseminate false advertising, work for the credit card companies and tack on large fees for services. In the end, you may have saved very little by settling. The settlement companies usually work with individuals who owe at least $10,000 and who fall behind in their monthly payments.

The debtor usually makes a monthly payment to the settlement company which goes into a savings account, and then the company negotiates with the creditors. The Federal Trade Commission had to step in and introduce some regulations on telemarketing sales and debt relief due the aggressive and questionable tactics used by the debt settlement companies. Not all of them are unethical but there were enough misrepresentations and wrongdoings to prompt intervention by the government.

Get Legal Advice before Agreeing to Debt Settlement

The prospect of living your life free of creditor harassment can be inviting and debt settlement can help you achieve that quicker than the bankruptcy process. Having an experienced bankruptcy attorney representing your best interests at each step can make a difference in the outcome of your debt settlement or bankruptcy if that is your choice for handling debt problems. We can review your financial situation and help you decide the best solution for your unique situation. Becoming educated on bankruptcy and the means for discharging your debt are important for the decision making process. Clients can benefit from working with an attorney during the debt resolution process and after debts are resolved, there are the important steps that involve credit restoration and reestablishing credit.

We care about our clients and our hard work has resulted in a high rate of successful bankruptcies, debt negotiations and debt settlements on behalf of our clients.

Contact us at Alan J. Fisher, PA for help with debt settlement or bankruptcy today!