Bankruptcy or Debt Settlement
Comparing bankruptcy to debt settlement alternatives
The term "settlement" presumes an agreed compromise. Because of the competing interest of debtors and their creditors when payment expectations decline, a somewhat adversarial relationship is bound to develop. In most cases, successful settlement agreements result from non-confrontational offers in which both parties reasonably discuss options rather than posture based on threats. A professional attitude, cogent legal opinions, and reasonableness go far toward reaching a final agreement. In many situations, this means that bankruptcy or debt settlement alternatives are discussed simultaneously, with a debtor expressing a strong interest in reducing and/or eliminating debts completely without filing. Most debtors also strongly prefer to comprise rather than receiving nothing by court order.
Do you need an attorney?
In most cases, the assistance of a reputable attorney will produce better results. For most people, the decision to retain an attorney should be based on cost. The additional cost of legal representation, when added to the end result, should produce an even greater savings. Be aware, few attorneys guarantee results, but rather provide estimates and ranges of results they consider likely.