Debt Settlement Pennsylvania

What Is Debt Settlement?

Debt settlement or debt negotiation is an alternative to bankruptcy where your attorney works out a lump sum settlement or a payment arrangement with creditors. In Pennsylvania, debts can often be settled for far less than the balance. In some instances, debt negotiation may be preferable to bankruptcy.

When to Consider Debt Settlement

  • You could pay off the balances if settled for a much-reduced amount.
  • You could pay the creditor if the payments could be reduced.
  • You want to avoid having a bankruptcy on your credit report.
  • Your financial difficulties are short term.
  • The problem is primarily with one or a few creditors.
  • A judgment lien is holding up your house sale.
  • You have filed for Chapter 7 bankruptcy within the last eight years.

Note: Judgment liens often turn up on title searches when someone is selling a house. You do not necessarily need to pay such debts in full. Before sending a check to the lienholder or taking the full amount of the judgment out at closing, you might want to discuss the matter with a Pennsylvania debt settlement attorney.

Benefits of Debt Settlement

  • Pay significantly less than the balance.
  • Settle lawsuits and judgments.
  • Eliminate debt that has prevented you from rebuilding your credit.
  • Avoid bankruptcy.

Debt negotiation is not possible in all cases, and Chapter 7 bankruptcy, Chapter 13 bankruptcy, or another solution may be better alternatives under some circumstances. However, even if bankruptcy is a better course, our Philadelphia bankruptcy attorneys believe that it is essential to discuss this option with clients, so they can make informed decisions.

If you need professional help with negotiating with your creditors in the Greater Philadelphia area, please give us a call at 215-248-0989, use our contact form, or send us an email message.

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Harborstone Law represents clients in bankruptcy, debt, consumer, and small business matters throughout Philadelphia, Montgomery, Delaware, Chester, Bucks, Berks, Lancaster, Lehigh, and Northampton Counties in Pennsylvania.
questions? Call our office at 215-248-0989
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