The economy has hit many people very hard.  If you find yourself in a situation where you cannot pay off a business or personal debt, but are also determined to avoid filing bankruptcy, there are alternative debt settlement options that may suit your needs.

In a sense, you can create a “private bankruptcy” without all of the costs and consequences as an actual bankruptcy filing.

Debt settlement is an efficient and inexpensive way to eliminate debt. Sometimes called debt negotiation or debt arbitration, debt settlement is a direct and ambitious approach to debt reduction and it is best suited for individuals that have considered filing for bankruptcy protection.

Often, creditors will be willing to settle a balance of debt owed if a debtor is facing serious financial hardship. Debt settlement is a great alternative to bankruptcy for a creditor, especially if the debtor is under financial hardship and may choose to file bankruptcy. In the event of a bankruptcy filing, the creditor is likely to receive nothing.

It it not unusual for a debtor to reduce the debt burden by 50, 70 or even 90%, depending on the circumstances involved.

The Thompson Law Office has handled loan work outs and debt settlements on debts ranging from $10,000 to  over $1,000,000 for 19 years.  We work to obtain the best settlement possible for our clients through negotiation, litigation and alternative resolution strategies.