Debt Negotiation Attorneys
Lower Your Debt, Reclaim Your Future
When monthly payments become overwhelming, debt negotiation offers a way to regain control without filing for bankruptcy. At DebtErasers, our experienced debt relief attorneys work directly with your creditors to reduce what you owe and help you avoid serious financial consequences.
What Is Debt Negotiation?
Debt negotiation, also called debt settlement, is the process of reaching an agreement with creditors to pay a portion of your total balance, often through a lump sum or structured payment plan. In exchange, the remaining debt is typically forgiven.
Unlike debt consolidation, which combines multiple debts into a single monthly payment, debt negotiation focuses on reducing the actual amount owed.
How Does Debt Negotiation Work?
At DebtErasers, our attorneys are here to guide you through the settlement negotiation process. Our debt negotiation services involve reaching an agreement where the borrower makes a substantial payment toward their loan balance, with the remaining debt often forgiven. This differs from debt consolidation, which merges multiple debts into a single monthly payment.
Financial Assessment
Our attorneys start by reviewing your debts, income, and expenses to determine what you can realistically offer. We include credit card debt, medical bills, personal loans, and other unsecured debts.
Customized Negotiation Strategy
Based on your financial situation, we contact your creditors and propose a settlement offer, typically between 30% and 50% of your balance.
Negotiation And Settlement
We handle all creditor communication on your behalf. Once a settlement is reached, we ensure all agreements are documented in writing.
Final Payment And Reporting
You make the agreed payment. We work to ensure the debt is reported as "settled" or "paid" to credit bureaus to reflect your progress.
Who Is Debt Negotiation Best For?
Individuals with significant unsecured debt (e.g., credit cards, medical bills)
Those with a steady income but are unable to pay in full
Anyone seeking an alternative to bankruptcy
Important: During negotiations, avoid taking on new debt. Creditors are less likely to settle if you continue using credit cards actively.
Debt Settlement vs. Bankruptcy: What’s the Difference?
| Factor | Debt Negotiation | Bankruptcy |
|---|---|---|
| Credit Score Impact | Temporary drop; easier to rebuild | Long-term impact (7–10 years) |
| Creditor Contact | May continue during negotiations | Stops immediately upon filing |
| Asset Protection | Allows greater asset flexibility | Non-exempt assets may be liquidated (Chapter 7) |
| Timeline | 6–36 months, depending on the creditor | 4–6 months (Chapter 7) or 3–5 years (Chapter 13) |
| Cost | Varies by the amount negotiated | Legal and court fees are typically higher |
Why Choose DebtErasers?
We’re not just debt negotiation attorneys, we’re your legal advocates. Our attorneys protect your rights, explain every option clearly, and guide you to choose the best path forward. We make sure every detail is handled properly and ethically, from start to finish.
Frequently Asked Questions
How Much Debt Do I Need For Settlement To Be Worth It?
Debt settlement is most beneficial if you have $10,000 or more in unsecured debt, but we also assist clients in various financial situations.
Will Debt Negotiation Stop Creditor Calls Or Lawsuits?
Not immediately. However, hiring an attorney to negotiate your debt on your behalf can often deter aggressive collections and lead to faster resolutions.
Is It Better To Negotiate My Debts On My Own?
Creditors take legal representation more seriously. With a skilled DebtEraser debt settlement lawyer on your side, you’re more likely to receive favorable terms and avoid common pitfalls.