Non-Bankruptcy Options

If you do not wish to file a bankruptcy and/or bankruptcy is not the best option for you – we will look to other options to address your debt, including debt settlement & debt negotiation. We can work with a creditor or creditors to negotiate a debt settlement. Creditors often accept a negotiated payment amount – that is significantly less than the balance owed (via a lump sum payment or short repayment schedule) as settlement of the account. The account is then considered legally paid-in-full for less than the full balance.

There are several different arrangements we can use when attempting to work with your creditors:

Lump-sum settlement: if you have access to a lump sum of money, we can negotiate a settlement of the account for less than the balance owed. The settlement amount does not necessarily have to be paid in one lump sum – it can often be broken down into a few payments.

Adjustment of Terms: we can work with the creditor to adjust the terms of the account – for example: eliminate or lower interest rate, eliminate the past late charges or over the limit fees. The changed terms can be permanent or temporary.

Forbearance program: we can work with the creditor(s) to see if they will temporarily reduce or delay payments to give you time to get into a stronger financial position.

Free Consultation with a Chicago Bankruptcy Law Firm

We know how upsetting it can be to deal with debt-related issues. If you or someone you love would like more information about debt relief and bankruptcy, contact the Chicago debt negotiation attorneys at the Law Offices of Stuart B. Handelman at 312-360-0500.