Chapter 13 Bankruptcy – Scottsdale Bankruptcy Attorneys

Ariano & Associates, PLLC – Debt Settlement – Scottsdale Debt Attorneys

Having what seems like a mountain of never-ending debt is certainly something that creates a lot of stress and anxiety amongst Arizona residents.  Many people believe that bankruptcy may be the only way to eliminate their debt, but bankruptcy may not be the best option for everyone.  The Arizona consumer bankruptcy attorneys of Ariano & Associates, PLLC don’t simply focus their law practice on bankruptcy.  Our attorneys handle a wide variety of debt-related issues, and we can help you with whatever debt concerns you may have.

An option that many Arizona residents are turning to as a means of paying off debt is debt settlement.  With debt settlement, you will be able to pay off your debt in accordance with an agreement reached between you and your creditors through negotiation.  Many people take on this task alone, without the help of an attorney.  While you certainly can communicate with your creditors by yourself, having an attorney by your side will help to ensure you are not taken advantage of, and that you reach the best result possible to come up with a payment plan or settlement amount that is fair and reasonable for all parties involved.

How Does Debt Settlement Work?

If you decide debt settlement is the best option for you to overcome your debt, your attorney will communicate with your creditors on your behalf to negotiate a fair and reasonable plan for managing your debt and paying it off.  After speaking with your creditors, your attorney will advise you of what your potential options are for settling your debt.  Two common options include, but may not be limited to, the following:

  • Your creditors may agree on lower monthly payments at a lower interest rate, to help you reduce your debt much faster, avoiding the expense of very high interest rates; or
  • You may be able to pay one lump sum to your creditor in lieu of making continued monthly payments, and the lump sum may be less than the total balance due on the account.

In order to go through the debt settlement process, you will need to prove that you have enough money to either pay a lump sum to your creditors, or to maintain a reasonable monthly payment plan that you can stick to.  Many people who go through the debt settlement process believe that their credit score may be substantially harmed.  Depending upon your individual financial circumstances, debt settlement could actually help your credit.  There are situations, however, where debt settlement might negatively affect your credit score, so it is extremely important that you allow an experienced Arizona bankruptcy attorney to review your financial history and formulate a plan that will work best for you.

Contact the Scottsdale Bankruptcy Attorneys of Ariano & Associates, PLLC Today

If filing for bankruptcy is not the best option for you to manage and eliminate your debt, you may consider how debt settlement and negotiation with your creditors can help address your financial needs.  The Scottsdale consumer bankruptcy attorneys of Ariano & Associates, PLLC help clients settle their debt without having to file for bankruptcy.  While bankruptcy is the best option for many Arizona residents, bankruptcy may not be the best option for your particular situation.  To learn more about debt settlement and negotiation, it is important that you speak with an experienced consumer bankruptcy attorney right away.