Law Office of Mark J. Markus

Debt Settlement may be a preferred solution for those who either do not qualify for bankruptcy relief, or simply prefer not to file bankruptcy.

The purpose of settling is to pay off a debt at a discount in return for a release of liability from the creditor (party to whom you owe the debt).

Creditors will often give discounts on the balance owed based on their perception of your ability to pay. Typically this involves an analysis of your income, expenses, value of your assets, and amount of other debt obligations. There is a benefit to a bankruptcy attorney handling these negotiations as we are in a unique position to state whether or not bankruptcy is an alternative option. This can give significant leverage in the negotiations and result in a significantly lower settlement amount.