Debt Settlement

At Peters & Associates, LLP, our Las Vegas debt settlement attorneys are skilled negotiators, as well as, successful bankruptcy lawyers. We utilize our skills and experience to negotiate affordable debt settlements for consumers and businesses in Las Vegas, North Las Vegas and Henderson, Nevada, that are able to solve their financial difficulties through a negotiated settlement rather than a Chapter 7 or Chapter 13 bankruptcy proceeding.

What is Debt Settlement?

Basically, debt settlement is a process of negotiation whereby the creditor agrees to accept a smaller amount than what is actually owed on a debt.  Once the debtor makes this payment, the debt is considered paid in full and the debtor owes no more money to the creditor.

Why Would a Creditor Agree to Debt Settlement for a Lesser Amount?

If you file for bankruptcy because you cannot meet your financial obligations, it is very likely that the debt will be discharged by the bankruptcy court, and the creditor will get nothing. Creditors know this, and are therefore willing to accept a lesser amount rather than risk getting nothing at all.  As Bankruptcy attorneys, Peters & Associates has increased leverage to settle accounts because creditors know that our firm can file for bankruptcy protection for our clients and the creditor will get nothing.

Debt settlement may also be appropriate when the debtor and creditor disagree about the actual amount owed, and the only way to settle the dispute is through litigation.  Rather than undergo the cost of litigation and the risk of an uncertain outcome, the creditor often prefers to negotiate a settlement amount.

When is Debt Settlement Right for Me?

Debt settlement is most often negotiated as one lump sum payment, even if you were previously paying off the debt in installments.  Therefore, the size of the settlement and your ability to make that payment affect whether  debt settlement will work for you.  Also, if you owe large amounts to many creditors, you may need to negotiate a debt settlement with each creditor individually, and there is no guarantee that any or all creditors will agree to a settlement. If you have many creditors to deal with, or a very large amount of debt, a Chapter 7 or Chapter 13 bankruptcy may be the better solution.

Debt Settlement Attorneys in Las Vegas

As a law firm experienced in debt settlement as well as bankruptcy, our lawyers have the knowledge and ability to analyze your situation and effectively advise you on your options. Let us help you find the solution that is best for you. Contact Peters & Associates, LLP for a free consultation.