Offices Conveniently Located in Broward, Palm Beach, Martin, St. Lucie, Lee, Orange, Hillsborough, & Duval Counties

florida-debt-settlement-attorneyRegardless of your current financial situation, at some point in your life, you have or will take on debt. While most people are able to manage and repay the debt, many inevitably overestimate their ability to pay and fall short. Dealing with the repercussions of managing unaffordable debt is never easy, but hiring the right Florida debt settlement attorney can help.

Fleysher Law is a full-service debt and bankruptcy relief law firm helping individuals and families in Florida keep their assets, avoid garnishment, avoid repossession, avoid foreclosure, discharge their debts with bankruptcy, and reestablish their credit.

If you are struggling with debt, don’t hesitate to contact our consumer debt and bankruptcy attorney today for a free consultation. We can help you understand your options and take the necessary steps to protect your assets and get a fresh start. Call our 24-hr line at (888) 568-3508 to book your free consultation.

Florida Debt Settlement Attorney Dedicated to Providing Accessible Debt Relief Services

debt-settlement-attorney-dedicated-to-providing-accessible-debt-relief-servicesAt Fleysher Law, we understand that financial problems can be overwhelming. That’s why we’re dedicated to providing accessible debt relief services to our clients. We can help you:

  • Discuss your options for debt settlement payments

  • Negotiate debt arrangement with a mortgage company

  • Negotiating a loan or credit agreement with your creditors

We work hard to build rapport with our clients to better understand their circumstances, needs, and goals. Your relief is our success.

If you’re struggling with debt, don’t hesitate to contact us. Our law firm aims to help debtors just like you recover from financial stumbles using debt defense, debt negotiation, debt settlement, and bankruptcy. 

What Is Debt Settlement?

what-is-debt-settlementContemplating debt settlement is normal if you’re caught in a debt spiral. A debt settlement agreement is an agreement between you and your creditor to pay off your debt for a lower lump sum than the entire amount outstanding.

For example, if you owe $10,000 on a credit card, you may agree to settle the debt for $7,500. There are a few vital things to keep in mind if you are thinking about debt settlement:

  • First, it is crucial to understand that settling your debt will negatively affect your credit score. This is because when you settle your debt, it will be reported to the credit agencies as “settled for less than the full balance.”

  • Second, you may be required to pay taxes on the forgiven debt.

  • Lastly, you should be aware that creditors are not required to accept your settlement offer; if they do not, you will still be responsible for paying the full debt.

If you are considering debt settlement, it is vital to speak with an experienced Florida debt relief lawyer who can evaluate your situation and help you determine if this is the right option.

At Fleysher Law, our team of experienced attorneys has helped countless individuals find debt relief through settlement. We can work with you to establish a workable settlement with your creditors and help you get on the path to financial freedom.

How Does Debt Settlement Work?

how-does-debt-settlement-workIn general, there are two main ways to settle debt: through a debt management program or debt consolidation.

  • A debt management program is an organized way to repay debts. A credit counseling agency works with creditors to lower interest rates and monthly payments, often by consolidating multiple debts into one payment.

  • Debt consolidation is a loan that pays off multiple debts, and the borrower is left with one loan to pay off, typically at a lower interest rate. They can do this by taking out a personal loan, using a home equity loan or line of credit, or transferring balances to a 0% APR credit card.

Both methods can help you become debt-free, but it’s vital to understand how each one works before you decide which is suitable for you.

What Types of Debts Can I Settle in Florida?

what-types-of-debts-can-i-settleIn Florida, you can settle most types of debts, including credit card debt, medical debt, and even some types of student loan debt. However, there are a few exceptions to this rule.

For example, you cannot settle child support or alimony payments in Florida. Moreover, some creditors may be unwilling to negotiate a settlement agreement with you. Understanding the exemptions laid out in the bankruptcy code is crucial to knowing how to minimize debt’s implications on your credit score.

If you’re not sure whether your debt is eligible for settlement or not, it’s best to speak with a competent attorney who can evaluate your situation and give you the best possible advice.

Advantages of Debt Settlement

advantage-of-debt-settlementMany legal and financial experts have mixed opinions about debt settlement. Regardless, debt settlement is a feasible and advantageous option for certain people. Some of the advantages you can reap from debt settlement are as follows:

Avoid Bankruptcy

One of the most significant advantages of debt settlement is that it can help you avoid bankruptcy. Bankruptcy is a severe legal procedure that can significantly impact your life, so it’s best to avoid it if possible.

With debt settlement, you can bargain with your creditors to pay off your debt for less than you owe. This arrangement can help you get out of debt without going through bankruptcy.

Get Relief from Overwhelming Debts

get-relief-from-overwhelming-debtsAnother known advantage of debt settlement is that it can provide relief from overwhelming liabilities. If you’re struggling to make your monthly payments, debt settlement can help you get out of debt and get some relief.

Repay Your Debts in Less Time

Another advantage of debt settlement is that you can repay your debts in a shorter amount of time. With a traditional repayment plan, you’ll make the same monthly payment for several years. But with debt settlement, you can negotiate with your creditor to cut down your payment to a few months.

Are There Any Risks Associated with Debt Settlement?

are-there-any-risk-associated-with-debt-settlementAs mentioned, debt settlement is a double-edged sword. While its advantages sound appealing, you only see one part of the sword. Understanding the risks associated with debt settlement can help you make the best decision for your situation.

One of the most significant risks of debt settlement is that your creditors may not agree to negotiate. If your creditor refuses to negotiate, you’ll still be responsible for repaying the total amount of your debt.

Another risk is that debt settlement can negatively impact your credit score. When you settle a debt, it will be noted on your credit report as “settled for less than the full balance.” This record can linger on your credit report for up to seven years and may make it challenging to obtain new credit.

What Are Options for Debt Relief in Florida?

According to a 2017 study by the Federal Reserve, almost 40% of Americans wouldn’t be able to cover a $400 emergency expense without borrowing money or selling something. If you’re struggling with debt, you may be looking for options for debt relief. But with countless debt relief options available, it can be challenging to know where to start.

Discharge Your Debts

discharge-your-debtsOne option for debt relief is to have your debts discharged. This means that your creditors agree to forgive the debt, and you are no longer responsible for paying it back. To qualify for a debt discharge, you must prove that you cannot repay the debt and that repaying the debt would cause undue hardship.

Reorganize Your Debts

Another option for debt relief is to reorganize your debts. This means creating a new payment plan that makes it easier for you to repay your debts. Under a debt reorganization, you may be able to reduce your monthly payments, lower your interest rates, or extend the term of your loans.

Debt consolidation is a way of reorganizing your debts to make one monthly payment to a single lender instead of several payments to multiple lenders. It can simplify your finances and give you breathing room in your budget.

Why Choose Fleysher Law to Handle Your Debt Settlement Issue in Florida?

why-choose-the-law-office-of-emil-fleysherIf you’re struggling with debt, you’re not alone. Millions of Americans are facing financial challenges and looking for ways to escape their debt burden. One option that many people consider is debt settlement.

Debt settlement allows debtors to negotiate with their creditors to agree on a reduced payoff amount. It can be an ideal and viable option if you cannot make regular payments and are at risk of defaulting on your debt.

Fleysher Law is a debt relief agency specializing in debt settlement negotiation. We have experience dealing with mortgage companies, credit card companies, and other creditors, and we can help you get out of debt and get back on track financially.

If you’re considering debt settlement, contact us today. We can help you understand your options and get the best possible outcome for your situation.

Florida Debt Settlement FAQs

Why hire a debt settlement attorney over a debt settlement company?

Whether you’re filing as an individual or a corporation, hiring a debt settlement attorney to assist you with your debt negotiation is an ideal option. An attorney can help you haggle with your creditors and increase the chances of making them agree to your terms.

How will debt settlement affect my credit score?

Debt settlement will hurt your credit score. But failing to fulfill your debt is also detrimental to your credit score. In this situation, choosing the most feasible option is your best bet for success. Regardless, it’s best to listen to the advice of your debt settlement attorney.

When should I hire a debt relief lawyer?

The best time to hire a debt relief lawyer is before you fall behind on your payments. If you are already having trouble making your monthly payments, an attorney can help you negotiate with your creditors and try getting them to agree to lower interest rates or waive late fees.

Is debt settlement worth the effort?

If you are struggling to make ends meet, and are facing a large debt, then debt settlement may be worth the effort. However, if you are only facing a small debt amount, you may be better off just paying it in full.

Why do I need a debt relief attorney to settle my debt?

Hiring a debt relief attorney can be beneficial because they can help you negotiate with your creditors. Sometimes, attorneys can get creditors to agree to lower interest rates or waive late fees.

Contact a Florida Debt Settlement Lawyer at Fleysher Law for a Free Consultation

debt-settlement-lawyerWhen you are struggling with debt, it can feel like you will never get out from under the weight of it all. But there is hope. Our Florida bankruptcy lawyer at Fleysher Law can help you get your life back on track and get out of debt for good.

When you contact Fleysher Law for a free consultation, you can discuss your unique situation with a knowledgeable and experienced attorney. We will then work with you to develop a customized debt settlement plan that fits your specific needs and goals.

There is no one-size-fits-all solution to getting out of debt, so it is crucial to have an experienced and knowledgeable Florida debt relief attorney on your side. Contact our bankruptcy attorney now to schedule your free consultation