Debt Settlement

What is Debt Settlement

Debt settlement is a process in which the debtor and the creditor agree to settle or satisfy and existing debt for a lower amount of money.  For example say you defaulted on a Capital One credit card that had a balance of $5,000.00 and Capital One has attempted to collect from you by calling you or sending you letters on a monthly basis.  You may call our office and retain us to work out an agreement with Capital One where we agree that instead of paying them $5,000.00 you would agree to pay $3,000.00 on a 10 month payment plan for $300.00 a month.

When can a Debt be Settled?

There are a few different times that a debt can be settled:
Upon Default – Usually a debt can be settled once the debtor has defaulted on the debt, meaning the debtor has not made any monthly payments on the debt in the last 90 days and the debt has been sent to collections.
Upon Lawsuit  – A creditor may sue you, in an attempt to collect on the debt.  Once a lawsuit has been filed a debt can still be settled.
Upon Judgment  – Once a creditor sues a creditor and wins, they obtain a judgment against the debtor.  The judgment gives the creditor new means of collecting on the debt.  With the judgment the creditor can attempt to garnish the debtors wages as well as freeze the debtors bank account.  A debtor can still settle debts after a judgment has been entered against them.

What can Shmucher Law, PL do for me?

Shmucher Law, PL’s first objective is to provide you with the best settlement possible (based on our prior dealings with the creditor and or their local counsel).  Once an agreement has been reached we also draft/review the stipulation with the creditor’s counsel and upon completion of the stipulation terms we make sure that the creditor file a satisfaction on either the credit report or on a judgment.

What are the Fees for Debt Settlement

Shmucher Law, PL charges a flat fee per debt settlement ranging anywhere from $100.00+ depending on the size of the debt, the creditor, and that status of the collection effort.  Based on our experience we can advise you on what we feel we could settle the debt for and what terms (lump or number of months) we can achieve that result for.  If you choose to retain us for debt settlement services we would execute a retainer agreement that states we don’t collect our fee until we execute a settlement or stipulation agreement.

How can I contact Shmucher Law, PL to schedule a consultation?

Call our office at 305.741.5553 to schedule an initial consultation.  If a lawsuit has been filed against you please have the case number or document ready to discuss when you call.  Our consultations are free and can be done over the phone or in person.