Solutions Without Bankruptcy®

Exploring Non-Bankruptcy Solutions: Debt Settlement

Declaring bankruptcy is not the right solution for every situation or for every person. If you are not comfortable with the idea of filing for bankruptcy for personal reasons or if your situation is such that all you really need is a little breathing room, there are other options available to you, including debt settlement.

At Resnick Law, P.C., we help individual and business clients in the Detroit area and southeast Michigan solve financial problems through bankruptcy and find “Solutions Without Bankruptcy®” as well. If you are in our area and would like to learn more about all of the options that might work for your situation, we encourage you to contact us to schedule an initial consultation with one of our lawyers.

Debt settlement can be an excellent alternative to bankruptcy. If this option will work for you and you would like to pursue it, our attorneys can develop an effective, legally sound plan designed to accomplish your goals while satisfying your creditors at the same time.

If just a few creditors are the primary source of your financial difficulties, a debt settlement plan may work well for you. Also known as a “creditor workout,” debt settlement can be achieved by negotiating directly with the creditor to:

Reduce the debt you owe
Eliminate or lower the interest rates you are paying
Eliminate late payment fees and penalties

So why would a creditor voluntarily agree to do any of those things? The answer is that without an attorney representing you, they might not. Conversely, having an attorney represent you changes the creditor’s view of the situation. Often, this has the immediate effect of making them more reasonable.

At our firm, we are experienced also negotiating debt settlements and creditor workouts for individuals and businesses. Our attorneys have handled many out-of-court workouts, as well as forbearance agreements and deeds in lieu of foreclosure.