Business Debt Settlement

Negotiating the Debt

After we have Confirmed the amount of the debt, we will begin negotiation with your creditors. During the negotiations, which can take anywhere from 6 months to 36 months, depending on the amount of debt and creditors you owe, you will have time to save up money to use towards settlement. In many circumstances, it is in your creditor’s best interest to negotiate your debt down. This is because when you declare bankruptcy (if you qualify) your unsecured debt is usually discharged, leaving the creditors with nothing. By negotiating a lower settlement amount, the creditor is able to recover at least some part of their investment in your loan.

This step is where an attorney’s thorough knowledge of the law and experience working with creditors can be particularly advantageous. Amos Law has successfully negotiated large reductions in debt for numerous clients and would love to help you do the same.