Debt Settlement Attorneys in Phoenix, Arizona

The nation has just gone through a year or more of economic turmoil because of the COVID-19 pandemic, and many individuals saw their jobs and other income sources dry up due to the lockdowns and other responses to the virus.

If the pandemic forced you to run up your credit card debt, or lack of a job caused you economic hardship, your phone may now be ringing off the hook with bill collectors demanding payment. You may be overwhelmed and stressed out simply trying to make minimum payments each month.

Most people don’t even like the thought of bankruptcy, and for many, it’s not even an option because they don’t qualify. There is a solution beyond the final recourse of bankruptcy, however.

Our experienced team at Simmons & Greene, P.C., can negotiate with your creditors and come up with a debt settlement plan to put you back on a solid financial foundation without going through bankruptcy.

Whatever the cause of your credit woes, if you’re in the Phoenix, Arizona area, or nearby in Glendale, Peoria, Mesa, Chandler, or Scottsdale, contact us today to discuss a debt settlement plan that can reduce your debt loan and make your monthly payments manageable, so you can get back to life as you once knew it before financial troubles hit. Contact us at Simmons & Greene, P.C., today to schedule a free consultation.

The Debt Settlement Process:
Making The Right Choice

You may have seen the ads on TV and elsewhere from firms claiming to offer debt settlement services. If you sign up with them, they’ll usually tell you to quit paying your credit cards and other unsecured obligations and start paying into a fund they set up for you.

When that fund reaches a certain level (and only then), the company will try negotiating with your creditors to reduce your debt load. Meanwhile, your debts and late fees will have grown substantially. And even if they’re successful at reducing your debt load, they’ll demand a percentage of the savings, perhaps as much as 25%, on top of paying off your creditors.

Most creditors won’t even deal with these so-called debt settlement companies since they have no clout, and most of them are only in the business to enrich themselves. Your creditors may just decide to sue you instead, and the company you’ve hired will be unable to help you.

Debt settlement attorneys, on the other hand, have experience and training in the art of negotiation. Creditors will listen to them. Debt settlement attorneys also possess the legal weapons to defend you should your creditors get the idea that a lawsuit may be better than settling. When creditors deal with an attorney, they also know that the trigger could be pulled on a bankruptcy filing, and then they may get just pennies on the dollar — or nothing at all.

Unsecured Debt vs. Secured Debt

Unsecured debt means the creditor has no legal right to repossess any of your property should you fall behind in payments or become unable to pay your debt. Unsecured debt includes:

• Credit card debt

• Retail store cards

• Signature (personal) loans

• Cash advance loans

• Payday loans

• Many types of business loans

• Car repossession balances

• Medical bills

It is generally in the best interest of those holding unsecured debt to negotiate and receive a partial repayment rather than get nothing.

Secured debt, on the other hand, involves real property, such as your home or car. When it comes to secured debt, the lender has the right to repossess or foreclose and take your property in lieu of payment should you fall behind. Here too, our debt settlement attorneys can work with your lender to try to arrange a better deal by reducing the interest rate or stretching out the repayment time period.

Debt Settlement & Your Credit Score

If you’re behind on payments, or your debt load is simply too high for your level of income, your credit score is going to take a hit. If you rely on the advertised debt settlement companies you see on television, your credit score is probably going to take an even bigger hit while you stop paying your debts and send your disposable income to the agency, where it may sit for weeks or even months.

Our debt settlement attorneys, however, will move quickly to get your debt under control by reducing the amount you owe, and/or by getting your interest rates lowered and your late fees forgiven. You’ll be able to get back to a manageable monthly payment schedule that will help rebuild your credit score.

Let Our Team Give
You Hope for The Future

In many cases, you can get back on your financial feet without declaring bankruptcy and suffering a hit on your credit rating for seven or more years. Our experienced debt settlement attorneys will review your situation — your income, real estate, and other assets — and analyze your current needs to determine a plan to get your debt under control. We will work with your creditors, so your phone will stop ringing and you can get on with your life.