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Wichita Debt Settlement Attorney

Do you need help with debt settlement in Kansas?

Debt settlement is an action where the creditor and debtor agree to a reduction in the amount of a debt. The debtor benefits by reducing their debt while avoiding the restrictions and stigma of bankruptcy. The creditor benefits because he does get some money instead of the nothing he would get if the debtor is forced into bankruptcy. It is advisable to work with a lawyer when negotiating a debt settlement to ensure that you are negotiating from a position of strength and that the ultimate agreement is binding.

If you are considering debt settlement in Kansas, you are urged to contact a bankruptcy lawyer in Kansas. Credit card debt and other unsecured debt are usually made to order for debt settlement. Debt secured by property such as a car or house is not because the creditor can just take property if he does not get paid in full. Student loans do not lend themselves to debt settlement either because, though unsecured, they are not dischargeable in bankruptcy depriving the debtor of bargaining power.

How does debt settlement work?

The debtor puts together a lump sum either by saving up the money or selling some assets. Then he or through his attorney or agent contacts the creditor and offers to give the creditor the lump sum if the creditor will give him a sizable reduction in the amount of the debt, sometimes as much as 50% depending on the relative bargaining power of the parties.

At the Kansas Bankruptcy Center, are a law firm skilled in handling debt settlement. We service the entire state of Kansas and are willing to help you over the phone without you having to come to our office. We would be pleased to talk with you. We will advise you about your debt settlement matter and let you know how we may assist you.

Contact our Kansas bankruptcy attorney for help with your debt settlement.