Wichita Debt Negotiation Lawyer

Do You Want to Reduce Your Debts Without Bankruptcy?

You want to do the honorable thing and pay your debts but the amount is too much. What you may do is enter into debt negotiation. You do this by putting together a fund for negotiation and then contacting the creditor and offering him a lump sum from the fund if he will make a concession on the debt you owe. A big part of this is the presence you communicate in proposing the deal. For that reason it is recommended that you utilize a Kansas bankruptcy attorney in your debt negotiation.

Not all debts qualify for negotiation. The basic idea is that a creditor will settle if he knows that if he does not reach a deal with you, you might discharge the debt in bankruptcy. So it is debts dischargeable in bankruptcy that have the best chance of being negotiated. This would include credit cards, medical bills and personal loans. Secured debts do not qualify because the creditor has the option of taking back the car or house that secures the loan. Student loans are difficult because they are not dischargeable in bankruptcy.

How do you negotiate the Loan?

The key is to have some money to negotiate with. You can sell some assets or start saving up to create a fund. Then, ideally, through a competent lawyer you contact the creditor and offer some money in exchange for an improvement in the terms of the loan. You may seek a complete debt settlement at a favorable rate, say 50 cents on the dollar, in exchange for your lump sum. If you do not have a large enough sum to do this, you might bargain for a reduction in the amount of the debt, better payment plan or lower interest.

Attorney in Kansas Can Help You

At the Kansas Bankruptcy Center we can help you. We serve the entire Kansas area and are seasoned professionals at debt negotiation. You do not need to come to our office. A lawyer at the firm will talk to you over the phone and evaluate your debt situation. We will let you know what to expect and how we can assist you.