Most Frequently Asked Questions About Debt Settlement

Today’s article is brought to you by the Richmond Bankruptcy Attorneys at Fisher-Sandler Law firm. We will be disussing the most frequently asked questions about debt settlement. Check out the top asked questions below.

How long will it take to settle my debts with the creditors?

The time required to settle all your debts depends upon your specific financial situation. One of our Debt Specialists can provide you an estimate during your free consultation. Typically, clients are able to settle all their debts within three years.

What are the fees for your Debt Settlement service, and when are they due?

If you participate in our Debt Settlement Program, fees will be assessed according to the specifics of your financial situation. Normally, we charge a percentage of the total debt that you’ve asked us to negotiate and settle with creditors. We work with you to provide a manageable monthly payment schedule. During your free consultation, a Debt Specialist will provide you detailed information on both services and fees. Keep in mind that our clients typically are able to reduce their debt up to 70%!

Can I use Debt Settlement for ALL of my debts?

Our program accepts most types of UNSECURED DEBT. Unsecured debt could be debt arising from credit cards, unsecured personal loans, department store cards and signature loans. Our program cannot accept any secured debt, such as home loans, auto loans, jewelry, furniture, student loans and utility bills. We also can’t work with tax liens, alimony debts and child support.

What happens after I’m approved for your Debt Settlement Program?

Immediately upon acceptance into our program, we contact each of your creditors (in addition to any involved collection agencies and attorneys) putting them on notice that you’ve engaged our firm to help resolve your debts. We also advise them to direct all collection efforts to our firm, and to cease all communication with you. If you receive further calls, you should refer them to our Client Services Department who will handle the situation and advise the creditor once again to cease communication with you. We then enter your account information into our secured and confidential database to help us track information on each of your accounts.

Who qualifies for the Debt Settlement Program?

Each and every situation is different. In general, however, we can only accept individuals who are currently in a state of financial hardship. This is a broad term and each person has their own definition of “hardship” but typically it means loss of employment, injury, job downsizing, sudden loss of income, catastrophic theft,or a hundred other financially damaging events. Basically, it’s when bad things happen to good people.Our program is intended for people who want to avoid bankruptcy and eliminate debts by settling to reduced amount of debt to the creditor.Our program is NOT intended for people who want to do nothing more than avoid paying their debts.

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