Dealing with a seemingly insurmountable level of debt can be an overwhelming prospect, but debtors actually have a range of options to help get their finances under control. Bankruptcy is an excellent financial tool that many people utilize to get back on their feet, but in some situations, it may not be necessary. Instead, debtors may choose to engage in negotiations with their creditors in order to reduce the outstanding debt into a more manageable figure.
Unfortunately, however, debt negotiation can be difficult as creditors may refuse to compromise with debtors. However, an experienced debt negotiator can demonstrate to these creditors that by waiving portions of an outstanding debt or agreeing to a favorable payment plan, they will be able to recover far greater returns than they would by continuing to pursue collections efforts or selling off the debt. These strategies are mutually beneficial for both parties and are a popular alternative to bankruptcy.
How We Can Help
Restructuring your debts is often a complex process, and it can be helpful to work with an attorney in order to gain a more robust understanding of the various options available to you. At Hong Law, PLC, our experienced attorneys can help you explore the following debt negotiation agreements, among others:
- Paying off your debt in a lump sum
- Reducing or eliminating interest rates
- Reducing the total amount owed to a number you are more able to pay
- Lengthening the payment period in order to reduce the size of payments
Any of these strategies can not only help you to stay in control of your finances, but they can also help your creditors recover the money they are seeking.
At Hong Law, PLC, our legal team is dedicated to helping individuals facing overwhelming debt to regain control over their finances. If you are interested in learning more about how debt negotiation or bankruptcy may be able to help you resolve debt issues, contact our offices today at (319) 294-5853.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office