Clients often ask: “What amount can you settle my debt for?”
Our answer is almost always: “It depends on several factors.”
These factors include:
- the creditor
- the type of debt
- the age of the debt
- how many times the debt has been transferred
- the hardship claimed
- how the settlement will be paid out
Secured debts (i.e. mortgages, car loans) are much harder to settle than unsecured debts (i.e. credit cards, medical bills). Some debts can be settled for as little as 10%. However, there are creditors that insist on having a much higher percentage of the debt paid back. The creditor starts high, we start low. We never know exactly where the negotiations will end. Creditors have their target settlement amount, and we have ours.
So, no one can guarantee you that they will settle your debts for a sum certain. Be wary of any company that guarantees they will save you a bunch of money. We have numerous clients who have paid at least double our fee to a debt settlement company before coming to us. Many of these companies failed to deliver any results at all, or produced dismal results at best. What’s even more shocking is that none of the individuals understood the agreements they signed. They had no idea where their money was going!
If you choose to hire someone to settle your debts, please choose wisely!
Vaughn & Weber, PLLC proudly negotiates and settles debts for residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, and Manhattan.
Call (516) 858-2620 to arrange a FREE consultation with a Debt Settlement attorney!
Bankruptcy and Credit Cards
Can I list only some of my credit cards when I file bankruptcy?
This question comes up rather often. If you are going to file bankruptcy, you are required to list all of your creditors. If you don’t owe any money on a certain credit card (zero balance), then they are not a creditor and you don’t have to list them on your bankruptcy schedules. However, this does not mean that your credit card account won’t be closed anyway. Many credit card companies monitor bankruptcy filings and will close your account when they find out that you have filed bankruptcy. You may be able to keep the account open by reaffirming the debt. Reaffirmations can have serious consequences. Your bankruptcy attorney will be able to advise if reaffirming the debt makes sense in your case. Be sure to inform your bankruptcy attorney of ALL your credit card accounts so that he or she can properly advise you.
New York Bankruptcy Attorneys
We proudly assist residents of Long Island (Nassau county, Suffolk county) and New York City (Queens, Brooklyn, Bronx, Staten Island, Manhattan) with their bankruptcy filings.
Call (516) 858-2620 to arrange a FREE consultation with a bankruptcy attorney!