Oftentimes, people turn to debt negotiation when they cannot afford to repay their debts. Your attorneys at Rosenberg & Hite, LLC will work directly with your creditors to negotiate a repayment amount that is less than the total you currently owe.
Choosing to negotiate a debt may be appropriate if you are serious about resolving your debt and hope to avoid or don’t qualify for Chapter 7 or Chapter 11 Bankruptcy.
The resolution of debt negotiation occurs when debtors and creditors reach a mutually agreed-upon amount. The debtor will have to pay that amount in full within a limited amount of time. The creditor will then close the person’s account and the settlement will appear on the person’s credit report.