Do you need help paying off your credit cards?
The Columbus, Ohio, debt attorneys at Jump Legal can help negotiate a repayment plan so that you only have to pay off a reduced amount of your unsecured debts, including:
- Private Student Loans
- Medical Bills
- Credit Cards
- Collection Accounts
Get out of debt and change your life!
If you’re tired of credit cards companies harassing you for payments, the lawyers of Jump Legal Group have helped thousands of individuals and families eliminate credit card debt, and we can help you too.
What is a Debt Settlement?
When you owe money to creditors that you cannot pay back, our law firm can facilitate a resolution in the form of a reduced amount that you agree to pay and the creditor agrees to accept. This amount is regarded as payment in full. This does not require any kind of bankruptcy filing. However, if you have an insurmountable amount of debt, bankruptcy still may be the best option.
Our Debt Attorneys Understand Debt Relief and Creditor Rights
Our credit attorneys have legal knowledge and experience dealing with creditors. We can help you negotiate lower payments or a reduced lump sum payoff. As a matter of fact, we can settle your credit card debt often for less than half of what you owe.
For example, our law firm helped a client who had $50,000 in debt reach a settlement of only $20,000. That’s a savings of $30,000 of debt – wiped clean!
Considering bankruptcy? Debt settlement helps you keep your property.
Debt settlement is a great alternative to bankruptcy if you only have credit card debt because your assets (property such as your home or car) are protected. In a Chapter 7 bankruptcy, you can lose property that is not exempt, including luxury possessions.
Trusted Debt Settlement Attorneys
Be careful of debt settlement services that you hear about on T.V. or radio as they may be scams! Instead, work with a professional credit attorney who has the knowledge and skills to properly negotiate your settlement.
If you are thinking about negotiating on your own, please reconsider. Our debt law firm verifies and validates all of your debt to make sure that you pay back the correct creditors.
Paying Off a Lump Sum Settlement
There are many ways in which you can pay off a lump sum settlement.
- You can take out a line of credit in the form of a second mortgage on your home.
- You may be able to hardship withdraw or borrow from you 401k. If so, we can help draft your 401k letter requesting a hardship withdrawal.
- You can set up a savings account (client trust account) at Jump Legal. Just ask us how!
Debt Settlement Frequently Asked Questions
How will a debt settlement arrangement affect my credit rating?
Both debt settlement and bankruptcy will negatively affect your credit rating. We will discuss this with you as part of your initial consultation and share with you what your experiences as been with each strategy.
It is important to note that neither bankruptcy nor debt settlement will permanently ruin your credit. Credit is always repairable and your credit rating depends on a number of factors.
After a debt settlement agreement is reached and paid, can those same creditors continue to ask me for money?
No. Your Jump Legal attorney will demand from your creditor and review the legal and binding agreement stating that after you pay the agreed-upon amount, you no longer owe the debt. Should you be contacted by the same creditor after your debt has been paid, refer the creditor to your Jump Legal attorney.
I know that I need to resolve my debt problems, but how do I know if I should file bankruptcy or if I should choose debt settlement?
We are here to help. During your free initial consultation, an attorney will evaluate your case, explain all your options, and make recommendations on how he or she thinks you should proceed. For your convenience we offer consultations Monday through Saturday.
Would I be better off going to a company that only handles debt settlement rather than a law firm?
No. If you choose to have Jump Legal represent you, and debt settlement is the solution to your debt problems, you will have an experienced attorney working on your behalf.
We want what is in our clients’ best interest. Sometimes it is debt settlement and sometimes it is bankruptcy, and in some cases it is neither. We are not biased toward one solution or another. We take the time to understand our clients’ cases and their needs, and we spend the time that is necessary to make certain that each client understands his or her options. If at any time we feel that you would be better served by an option that we do not provide, we will refer you to a local specialist in that field.
Debt Consolidation Information
The Jump Legal law firm does not provide debt consolidation. Rather, our credit attorneys provide representation for bankruptcy, debt settlement, foreclosure defense and mortgage loan modifications. Over the years, we have represented countless clients who have wasted valuable time on ineffective and expensive debt consolidation programs. Further, debt consolidation programs may end up being equally as damaging to your credit as debt settlement or bankruptcy.
Hidden Dangers of Debt Consolidation
#1 You could pay thousands of dollars and still not have your debts settled.
During the initial phase of a debt consolidation, you will be asked to pay money to the debt consolidation company. During this time, your creditors are not getting paid. Consumers are typically led to believe that they are safe from lawsuits and wage garnishments during this time. This is not true and it’s a big problem. It is not unusual for consumers to pay thousands of dollars over a several months and to still get sued and have their wages garnished.
#2 You could reach an agreement and still get sued for the debt.
Often, the agreements reached by debt consolidation companies are not legally binding. The creditor could accept your reduced payments for a while and then come after you for the full amount.
#3 Your credit rating may suffer more than expected.
Many people choose debt consolidation because they are led to believe it will have less of a negative impact on their credit rating than if they file bankruptcy. This is not necessarily true for many consumers. Consumers fall farther behind on their payments while they are paying fees to debt consolidation companies. Debt consolidation plans typically last two to three years. During the time that you are making payments to a debt consolidation company, your credit report will still reflect that you owe money to your creditors.
Long after a consumer would have his or her debts discharged in a Chapter 7 bankruptcy (and begin to re-establish his or her credit), he or she will still be paying on the debt consolidation.
Chapter 13 allows higher income consumers to truly “consolidate” in a sensible manner based on the amount they can actually afford to pay their unsecured creditors – many times resulting in Chapter 13 repayments of only a percentage of what is owed to the unsecured creditors (i.e., 10 percent). The balance is discharged, just as if the consumer had otherwise qualified and filed Chapter 7.
A New York Times reporter describes the heartbreaking pitfalls of debt consolidation in the article, “Peddling Relief, Firms Put Debtors in Deeper Hole.”
A debt settlement attorney in Columbus, Ohio, can help get rid of your debt and change your life; but you can’t change your financial future until you start the process. Contact us today to schedule a free initial consultation; you will always speak with an attorney and all communications remain confidential.