It can benefit those in debt, but it can also worsen your credit score and worsen your already detrimental financial situation. Once the payment is made, the creditor will forgive the remaining debt. The debt settlement payment is a lump sum payment paid to the creditor. What Is Debt Settlement?ĭebt settlement is when you or a third-party consult with creditors to pay less than you owe. This page is intended to educate consumers on their debt relief options. NOTE: O’Bryan Law Offices is not a debt settlement company and does not offer debt settlement services. If you’re interested in learning more about how the bankruptcy attorneys at the O’Bryan Law Offices can help you gain financial freedom, call us today at 50 to schedule a free consultation. Maybe you’re wondering, “How does a debt settlement affect my future finances?” If you’re considering debt settlement, our attorneys are ready to answer all of your questions. Before deciding how you want to get out of your financial situation, discuss other debt relief opportunities with an experienced bankruptcy attorney.Īt the O’Bryan Law Offices, we’ve helped many families in the Kentucky area become debt free and gain financial freedom. A debt settlement may sound like a great idea and help you avoid bankruptcy, but there are many risks involved with using this option. One debt relief option is debt settlement. Debt relief is a breeding ground for individuals who take advantage of those looking for a way out of debt. However, weighing all available options is crucial before jumping into the one that sounds the best. When you’re struggling with a bad financial situation, the options to relieve your debt are endless. Mistakes That Can Lead to Bankruptcy and Bankruptcy Mistakes to Avoid.
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