Debt Settlements

You may look at your financial situation and think that filing for bankruptcy is your only option – but that might not be the case. Debt settlement may be worthy of consideration. The Law Office of Davis & Jones, P.C., can help you decide if it’s the right solution for you.

Our legal team has decades of experience, and we’ve helped more than 20,000 Utah residents obtain freedom from their financial burdens. We’re ready to do the same for you. We invite you to schedule a free consultation to discuss the merits and drawbacks of debt settlement.

Non-Bankruptcy Debt Settlements

Also referred to as negotiation, debt settlement doesn’t involve filing a bankruptcy claim – it’s actually an alternative to bankruptcy.

Essentially, settlement is the process of making an arrangement with a creditor to pay less than the total balance owed. Taking this approach can result in significant debt relief, as some creditors are willing to settle for a much lower amount if doing so ensures they’ll actually get paid.

Once you’ve met the terms of the agreement, the debt in question is marked as paid in full. Depending upon your financial situation, a nonbankruptcy settlement could be a smart solution.

Settle Debts without Going Through Bankruptcy

Debt settlement can be effective if your creditors want to negotiate rather than take a chance on what they might receive in a bankruptcy – which could very well be nothing at all.

Attempting to make settlement arrangements with creditors to avoid going through bankruptcy doesn’t always produce the desired result, but negotiation can be an effective solution for: 

  • Unpaid medical bills
  • Credit card balances
  • Payday loans
  • Overdrawn bank accounts
  • Student loans

Why Work with a Debt Relief Lawyer?

You can settle debts on your own, but working  with a debt relief lawyer can be an easier and more effective way to resolve your financial troubles.

A lawyer can determine if debt settlement is worthy of pursuing, given your specific circumstances – and if so, they’ll take over the negotiations. The benefit here is that any creditor who knows you’re already working with a debt relief lawyer is likely to settle for less. After all, your creditors will realize that filing for bankruptcy is a real possibility, and if you go that route, they might not get paid at all.

Schedule a Debt Relief Consultation Today

At the Law Office of Davis & Jones, P.C., our debt relief lawyers consider every option before creating a plan for financial stability. For some of our clients, negotiation is the right way to go – but for many, filing for bankruptcy is the best solution.

With a Chapter 7 bankruptcy, many debts are completely discharged. By filing a case, you might be able to end your obligation to pay certain creditors. In that case, instead of settling your debts for less than what you owe, you can look forward to not paying a dime.

With a Chapter 13 bankruptcy, many debts are settled for pennies on the dollar based on your budget and ability to pay.

Our debt relief lawyers offer free  consultations, and we’d be happy to help you find a way out of your financial troubles. For expert assistance weighing the pros and cons of debt settlement, Chapter 7 bankruptcy and Chapter 13 debt consolidation, contact our  office in Salt Lake City or St. George, Utah, today.