Debt 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 Los Angeles Law Offices of I Los Angeles Bankruptcy Attorneys will guide you through the process of exploring other alternatives to bankruptcy, such as arranging a debt settlement 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 Settlement

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 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.