Loading...
Debt Relief

Do You Need Debt Relief? We Can Help!

Speak With Our Los Angeles Debt Relief Attorneys
Speak With Our Los Angeles Debt Relief Attorneys

Debt Relief Los Angeles Bankruptcy Lawyers

Debt Relief Los Angeles Bankruptcy LawyersDebt settlement is also referred to as debt arbitration, debt negotiation or credit settlement. When you find yourself struggling with excessive debt in your life it can feel like you are drowning without a life raft. Debt can tear families apart and can negatively impact the health, happiness and well being of those dealing with its challenges. With excessive debt you may qualify for Chapter 7 or Chapter 13 bankruptcy, but that extreme measure may not be necessary. Our skilled attorneys at the Law Offices of I Los Angeles Bankruptcy Attorneys will guide you through the process of exploring other alternatives to bankruptcy, such as arranging debt relief with your lender or creditor. Such arrangements are complicated and require the expertise of an attorney who understands the ins and outs of debt settlement. Do not enter into this variety of arrangement without first consulting with an attorney.

Unexpected tax repercussions may arise as well as a whole host of other variables that may place your credit, finances and peace of mind at risk. Without the experience of a skilled attorney on your side, you may end up causing more harm then good to your current financial distress as a result of excessive debt. Our attorneys understand this convoluted process and will support you in exploring all possible debt relief possibilities. Call us today at (213) 699-3055 to speak with a bilingual staff member and to schedule a free consultation.

Understanding Debt Debt Relief in Los Angeles

Many debt settlement companies exist on the market today and they all offer a varied spectrum of options to assist you with settling your exorbitant debts. Before entering into an agreement with a debt settlement company, speak to an attorney and make sure that your lender voluntarily agrees to work with the debt settlement company and will accept their settlement offer. You don’t want to find yourself in a situation where you have been making monthly payments to a debt settlement company, your lender refuses their offer and you are now farther behind in achieving debt relief than you were before.

Other elements to consider are potential tax consequences that may be issued by the IRS when you are forced to pay taxes on your debt reduction, which they consider to be income. Despite your efforts to reduce your debt, you may now be stuck with a hefty tax penalty. These are all potential risks that our attorneys at the Law Offices of I Los Angeles Bankruptcy Attorneys can support you in understanding so that you make smart choices around achieving debt relief.

Contact a Debt Relief Attorney Today

We are proud of the rock-solid reputation we have earned among our former clients and colleagues and look forward to providing you with high quality legal assistance as you deal with the possibility of Chapter 11 or 13 bankruptcy or foreclosure on your home. Please contact our offices located in Sherman Oaks and Los Angeles today to speak with one of our bilingual staff members and to start the process of financial recovery. As a Southern California debt relief agency, we are standing by to assist you. Call us at (213) 699-3055 today for a free consultation.

Bankruptcy Attorney Los Angles – Debt Settlement FAQ

Below you will find a collection of frequently asked questions that pertain to the various aspects of debt settlement:

Q: What is Debt Settlement?

A: Debt settlement also goes by the name of debt negotiation and refers to your debt being negotiated down to a reduced amount and paid off in a lump sum or in multiple payments. Debt settlement is an excellent resource for individuals dealing with extreme financial distress who want to avoid bankruptcy, but use caution when considering working with a debt settlement company. Consult an attorney before agreeing to work with these companies as they often set borrowers back rather than assisting them with debt relief.

Q: Is debt settlement better than filing for bankruptcy?

A: Filing for Chapter 7 bankruptcy will discharge the majority of your debts, giving you a blank financial slate, but will scar your credit for years to come. Chapter 13 bankruptcy will allow you to discharge many of your debts but you will be required to pay back a certain percentage of what you owe. You must consult with a bankruptcy attorney to determine what you are eligible for and to explore viable solutions for debt settlement and relief.

Q: Will debt settlement negatively impact my credit?

A: To explore settlement as an option you must have defaulted on your loan payments and have gone into delinquency before a lender will consider negotiations. By not paying your lenders your credit will be negatively impacted by seeking debt settlement, however it will be far less detrimental than filing for bankruptcy.

Q: Will debt settlement affect my taxes?

A: In the United States, the IRS considers forgiven debt to be actual income, therefor requiring taxes to be paid upon it. If you are able to adequately prove that you were insolvent during the time that your debt settlement took place, the IRS will waive these specific tax liabilities.

Q: Can I trust a debt settlement company?

A: Over the past decade, many debt management companies have sprouted into existence, seemingly overnight. They offer lofty promises of settling your debt for pennies on the dollar, yet you are advised to be wary of this variety of company. Many offer nothing more than empty promises and will leave you in greater financial distress than before you sought their assistance. Speak with an attorney prior to seeking the help of a debt settlement company, and if you are going to choose to work with one, do your homework, ask questions and make your choice based on a companies track record of success and their reputation. Make sure that you clearly understand their terms of use before signing anything.

Contact a Debt Settlement Attorney Today

We are proud of the rock-solid reputation we have earned among our former clients and colleagues and look forward to providing you with high quality legal assistance as you deal with the possibility of Chapter 11 or 13 bankruptcy or foreclosure on your home. Please contact our offices located in Sherman Oaks and Los Angeles today to speak with one of our bilingual staff members and to start the process of financial recovery. As a Southern California debt relief agency, we are standing by to assist you. Call us at (213) 699-3055 today for a free consultation.

Free Los Angeles Debt Relief Consultation

Free Los Angeles Debt Relief Consultation
Free Los Angeles Debt Relief Consultation

Bankruptcy & Financial News in Los Angeles, CA

Get the latest bankruptcy and financial news in Los Angeles, CA. Our topics range from bankruptcy, loan modification, debt relief, and foreclosure.

VIEW ALL ARTICLES

Risk Free 30 Minute Consultation

Call Us at (213) 699-3055 or Fill Out the Form Below

At I Los Angeles Bankruptcy Attorneys we pride ourselves on our commitment to prompt responses to our potential clients and clients. Your case is very important to us and we will respond to you as soon as possible.

FIRST NAME *
LAST NAME *
EMAIL ADDRESS *
PHONE NUMBER

SUBJECT

HOW CAN WE HELP?