Creditor negotiation actually isn’t a bankruptcy service, but rather an alternative solution to avoid bankruptcy. Typically creditor negotiation involves working out a settlement agreement with your creditors. Whether you have one creditor or many, Shmucher Law, PL can help.
Is creditor negotiation right for me?
Typically, creditor negotiation is an all or nothing deal. If you owe a substantial amount of money to more than a few creditors, then creditor negotiation might not be right for you. However if you can afford to pay approximately 50 percent of your debt, then creditor negotiation might be the best option for you.
Are there any disadvantages?
There are tax implications associated with this approach which must be evaluated carefully before making any decision or payment. Any negotiated debt forgiveness may be taxable by the IRS.
Contact Shmucher Law, PL
If you are thinking of negotiating with your creditors or would like to talk to someone about the process, then feel free to call our office at 954-309-5559 to schedule an initial consultation. During the initial consultation we will review all your options to get you out of debt including creditor negotiation, Chapter 7 bankruptcy or Chapter 13 bankruptcy filing. Shmucher Law, PL, a bankruptcy law firm, represents debtors, creditors, and trustees in bankruptcy matters throughout Broward and Miami-Dade counties.