{"id":4528,"date":"2018-09-05T22:56:16","date_gmt":"2018-09-05T22:56:16","guid":{"rendered":"https:\/\/mcintirelaw.com\/?page_id=4528"},"modified":"2023-05-05T01:39:32","modified_gmt":"2023-05-05T01:39:32","slug":"west-virginia-debt-settlement","status":"publish","type":"page","link":"https:\/\/mcintirelaw.com\/west-virginia-debt-settlement\/","title":{"rendered":"West Virginia Debt Settlement Lawyer"},"content":{"rendered":"

WHAT IS DEBT SETTLEMENT?<\/h2>\n

Debt settlement is an agreement between the creditor and the borrower for a lump sum with a reduced repayment amount to take the place of a full repayment. This is often negotiated with the help of a debt settlement company that takes a financial portion of the repayment. The debt settlement company will put payments in a savings account, which will grow until large enough to negotiate with the creditor.<\/p>\n

Major areas that benefit from debt settlement include medical bills, credit card debt<\/a>, utility bills, and personal loans. Student loan<\/a> debt, mortgages, or auto loans cannot usually be settled.<\/p>\n

Before undergoing a debt settlement make sure you meet with a bankruptcy attorney<\/a> that can provide you with your options under the law. Contact us<\/a> for a free consultation to decide whether debt settlement is in your best interest and your legal rights as you move forward in the process.<\/p>\n

SHOULD I TRY TO SETTLE MY DEBT?<\/h3>\n

Debt settlement seems appealing to many due to the potential to pay back a smaller amount than what is originally owed. Debt settlement companies will usually charge fees before settling debt.<\/p>\n

Negative consequences from debt settlement include:<\/strong><\/h4>\n
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  • Credit damage due to halted payment directly to creditors<\/li>\n
  • Lawsuits from the creditor related to debts unable to be settled<\/li>\n
  • Continued interests and fees on other debts outside the ones settled<\/li>\n
  • Tax consequences because any savings from the settlement are considered taxable<\/li>\n
  • Inability to pay monthly installments to the debt settlement company<\/li>\n
  • Lien placed on the borrower’s home<\/li>\n<\/ul>\n

    If you are seeking to undergo a debt settlement, or are in the process of debt settlement, you need an experienced West Virginia debt settlement lawyers<\/strong> by your side to make sure that you do not fall into bankruptcy. Give our firm a call today and let us help manage the debt settlement process.<\/p>\n<\/div>

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    \"WV<\/p>\n<\/div>\n\t\t<\/div>