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Debt Settlement

Looking for a way out of debt?

If you owe more than you can realistically afford to pay back, you are not alone. The Federal Reserve reported in the beginning of last year that credit had increased by $19.3 billion to a mind boggling $2.5 trillion, while the average American family's household worth dropped by 23 %. Credit reporting firm TransUnion reported more recently that the average amount of credit card debt is $4,996. For more people in the United States, debt is a fact of life, one that ranges from being merely unpleasant to excruciatingly burdensome. If you are having trouble staying current on your loan payments and cannot seem to make any meaningful progress on your road out of debt, then it may be time for you to consider debt settlement.

Debt Settlement: An Overview

The basic idea behind debt settlement is simple: You hire a Jacksonville bankruptcy attorney to represent you with your creditors with the purpose of negotiating a plan that will allow you to pay off your debts for a reduced amount. Early in the process, you will stop paying your debts and instead begin saving that money and any other sums you can afford to set aside. Your lawyer will offer the creditor a single lump-sum payoff in exchange for forgiving the remainder of the debt.

As incentive to accept your offer, your lawyer can provide evidence that you are ready to declare bankruptcy, which would protect you from creditor actions with an automatic stay and wipe out most or all of the debts. An important aspect of debt settlement is the fact that, as soon as you inform your creditors that you are represented by an attorney from The Law Offices of Justin McMurray, P.A., they will no longer be allowed to contact you directly. It they violate this stay order, then they will be liable to a lawsuit under the terms of the Fair Debt Collection Practices Act.

Bankruptcy & Real Estate Attorney

We have been designated by Congress as a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.