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Bankruptcy Attorneys are adding Debt Settlement to their practice.

The addition of Debt Settlement services to a Bankruptcy firm may sound complex, but we have a roadmap and what can be profitable solutions! 

Law Firms trust us with their data, financial

transactions and client communication. 

What is Debt Settlement?

  • Debt settlement is a financial strategy aimed at reducing the total amount of debt owed by negotiating with creditors to accept a partial payment as a full and final settlement of the debt. This process typically involves a debtor working with a third-party debt settlement company or negotiating directly with creditors.

What is the Debt Settlement process?

  1. Financial Hardship: Debt settlement is often considered by individuals facing financial hardship, such as the inability to make minimum payments on outstanding debts due to job loss, medical expenses, or other financial challenges.

  2. Consultation with a Debt Settlement Company: Individuals may choose to work with a debt settlement company, which will assess their financial situation and negotiate with creditors on their behalf. Alternatively, individuals can negotiate directly with creditors.

  3. Negotiation Process: The negotiation process involves reaching an agreement with creditors to settle the debt for less than the total amount owed. Creditors may agree to accept a lump-sum payment or a structured payment plan.

  4. Accumulation of Settlement Funds: During the negotiation period, the debtor typically accumulates funds to meet the negotiated settlement amount. This may involve making regular deposits into a dedicated account.

  5. Settlement and Debt Resolution: Once an agreement is reached, the negotiated settlement amount is paid to the creditor, and the debt is considered resolved.

Why add Debt Settlement to your Bankruptcy Law firm? 

  • Provide your clients with more options, in case Bankruptcy isn't the right solution.

  • Generate revenue from clients that could have been lost

  • Keep longer term relationships with clients and potentially generate more revenue than from a one time Bankruptcy service. 

How do I get started? 

  • Let's talk, and we can explain how attorneys are learning debt settlement, adding it to their practice and generating additional revenue.   Some are adding litigation defense services, servicing their clients and generating even more revenue with these services. 

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