An Alternative to Filing Bankruptcy in Indiana
Myth: Debt Settlement will allow me to settle my debts for pennies on the dollar.
Fact: Beware of anyone who promises to settle your debt for pennies on the dollar. Realistically, an experienced attorney can help you settle debts for 50 to 60 cents on the dollar. In a few cases, you may be able to settle your debt for less than that.
You've probably seen the ads on late night television: For one monthly payment you can settle your credit card debt for pennies on the dollar. While these ads make very big promises, they rarely deliver. What they don't tell you is that they may charge you thousands of dollars upfront, and while you're sending them payments every month, they aren't actually settling your debts until they have received full payment for their fees. By the time you actually have paid them, your credit cards have gone to default interest rates and balances skyrocketed from late fees and accrued interest.
At the Law Office of Colby J. Leonard, we will negotiate with your creditors to determine if they will take less than the full amount you owe. As an attorney who practices in the areas of bankruptcy and consumer law, the Law Office of Colby J. Leonard can present a simple choice to your creditors: settle for something now or face the prospect of receiving nothing if they force our clients to file bankruptcy.
Most businesses that make big debt settlement promises are located in states that have very lenient business laws. Simply put: never do business with anyone if you can't shake his or her hand first. Your financial future is at stake; do you want to risk it with a complete stranger?
Did You Know?
- Debt settlement is not as damaging to your credit as filing bankruptcy.
- Debt settlement is usually more successful if the debt is owed to a collection agency or third-party creditor than with the original creditor.
- Lawyers have a fiduciary duty to protect your interests. In other words, an attorney is barred from doing something that is detrimental to you for his own benefit. Many people believe anyone offering to assist you is bound by this fiduciary duty, but the truth is that very few professions or companies are required to owe you such a duty. Know who you're dealing with and whose interests they're really looking out for before you hire anyone!
Free Attorney Consultation
If you are facing debt problems, you have nothing to lose by seeking an attorney's advice. You have a lot to lose by postponing it. Call 317-622-0385 (866-654-5889 toll free) or fill out the contact form on this Web site to arrange a free initial consultation with the Law Office of Colby J. Leonard. We have offices in Indianapolis and Muncie, Indiana.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
