Helping Residents of New York Gain Control Over Their Finances
In today’s challenging economy, many New Yorkers are struggling to manage their debts. While many people believe that those who are unable to meet their debt obligations are mismanaging their money, this is simply not true. Unexpected expenses like medical bills or vehicle repair are often out of the budget for families, leaving them with overwhelming debt that they are unable to pay.
Debt settlement may be a viable option for individuals and families who are struggling to pay off their credit card debts without the need for filing bankruptcy. At the IM Law Group, we thoroughly evaluate each unique case in order to determine if debt settlement is the best course of action.
What Is Debt Settlement?
In its simplest form, debt settlement is an agreement with an entity to whom you owe a debt that the amount of the debt will be reduced in exchange for its payment in full. For example, if you owe $10,000 in credit card debt and are unable to afford the monthly payment, you may be entitled to a settlement of your debt, reducing your obligations significantly.
Are all debts created equally?
There are essentially two types of debt. Secured and unsecured. Generally speaking, all unsecured debts like medical bills, credit card debt, and collection accounts are more readily open to negotiation and settlement. Secured debt, like student loans and utility bills, are more complex and different strategies must be employed to successfully address ways to be relieved of their debt burden.
Benefits of Debt Settlement
Although it seems counterintuitive to try to come up with all the money you need to pay off a debt settlement when you’re already struggling to make ends meet, there are many benefits to settling a debt, including:
- The ability to save up to 50% on what you owe
- The ability to achieve freedom from the debt sooner rather than later
- The ability to keep your financial information private
- The ability to avoid creditor harassment
- The ability to maintain more control over your credit reports and score
Deciding whether debt settlement is right for you can seem challenging. By working with an experienced debt settlement lawyer, you can obtain the information needed to discover the best possible course of action for yourself and your family.
Contact the IM Law Group Today
If you are overwhelmed with debt, you’re not alone. Many New Yorkers are in the same position, and at the IM Law Group, we can help.
We understand how debt settlement works and how it can be used to help alleviate financial distress. We can help you negotiate favorable settlements on your debts, and can guide you through the process of finalizing settlement agreements.
Debt can snowball quickly, leaving you and your loved ones in a worse financial position than when you started. If you have debts that you are unable to meet, it is critical that you reach out for legal assistance as soon as possible.
Contact the IM Law Group today at (516) 344-8010 today to set up an appointment to speak with one of our seasoned debt settlement lawyers.
We serve clients in the following New York counties:
- Kings County
- Queens County
- Suffolk County
- Nassau County