Phoenix Debt Settlement Attorney
Skilled Legal Representation from Our Phoenix Law Firm
Overwhelmed with debt? If you are struggling to make payments on your loans,
you may be able to take a quicker path to repayment through debt settlement. Our
bankruptcy lawyer in Phoenix has vast experience helping clients manage their debt and can guide you
to a favorable method of payment for any outstanding balances.
At Leonard V. Sominsky, ESQ., PC, we can fight to resolve your debt in
whatever way is most appropriate for your particular situation. Over the
course of the past 15 years,
our attorney has offered legal assistance to more than 1,000 individuals. We have helped clients who have become trapped by debt as a result of
job loss, medical emergencies, and a wide range of other circumstances.
With this experience, we are prepared to help you find the best line of
action for your situation.
Discuss your case with a Phoenix bankruptcy attorney at Leonard V. Sominsky,
ESQ., PC who has been handling bankruptcy cases since 2000!
The Debt Settlement Process
Debt settlement is an informal process that takes place out of court. In
general, a settlement begins when our lawyer contacts your creditors to
negotiate a favorable arrangement for payment. If successful, a settlement
will require a single payment of debt—but this payment will only
constitute a portion of the debt that you owe. Through this method of
handling debt, you may be able to repay your debt much quicker.
Our firm can help you settle the following types of debts:
- Lawsuits
- Home loans
- Credit card debt
- Unsecured loans
- Car Repossession balances
- Business loans
- Credit unions
- Medical bills
As simple as it may seem, working with your creditors to negotiate a settlement
may be all it takes to resolve your financial issue. If you are ready
to seek a settlement of your debt, call upon the services of our knowledgeable
financial professional to make the most of this opportunity. Our firm
can arrange to stop late fees and penalties.
Can I Afford Debt Settlement?
For individuals with a regular income, or those with some savings, debt
settlement can be easily affordable. The debt settlement process involves
paying your creditors a lump sum payment; in some cases, this money may
come out of a savings or retirement account—in other cases, a payment
plan can be established.
Is Debt Settlement the Right Option for Me?
In addition to settlement, various options exist for combatting outstanding
debt. These include consolidation and bankruptcy. If bankruptcy is not
right for you, debt settlement may be a great choice to get your debt
under control. At Leonard V. Sominsky, ESQ., PC, we can help you weigh
the pros and cons of these different options and choose the best path
for eliminating debt.
Debt settlement differs from bankruptcy on a number of levels:
- It involves partial payment of your debt
- A settlement may be recorded as full payment of a debt
- Settlement must be obtained through negotiation
Settlement is a wise choice if you have some money available, just not
enough to completely pay back your creditors. Additionally, debt settlement
is often advisable for people who are in financial trouble but do not
qualify for bankruptcy. Contact our firm to learn more about your options
in handling tremendous debt.
What Can Debt Settlement Do & Not Do?
Debt settlement may be able to do the following for you:
- Reorganize any of your unsecured debt
- Get rid of or lessen your interest payments
- Stop harassing phone calls from your creditors
- Get rid of any late payment fees and/or penalties
Debt settlement, however, can NOT do the following:
- Protect your credit score from being affected
- Reduce payments for your mortgage or car
- Prevent foreclosure attempts in the works
Be Careful of Fly-by-Night Debt Relief Companies
If you are struggling with debt, you are likely under a lot of stress.
Unfortunately, not all companies who advertise themselves as being in
the debt relief industry are actually looking out for your best interests.
In fact, the industry is often littered with fly-by-night companies that
are simply looking to make a quick profit. Instead of turning to them,
discuss your case with a reputable bankruptcy lawyer from our Phoenix law firm.
Schedule Your Free One-Hour Consultation
Because negotiating with creditors is a complex matter, you should not
face this process alone. Leonard V. Sominsky, ESQ., PC can help you settle
your debts no matter what chain of events has resulted in your current
financial struggles. Our Phoenix bankruptcy attorney offers caring service
to address complex financial needs.
For a free consultation to further discuss whether debt settlement is an
option for you,
contact us at (602) 635-9102 or
fill out our online form!