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Benefit from the Experience of Attorneys Bill and Valerie Sherman Former Assistant Attorney General, Assistant County Attorneys and Magistrate Judge

Debt Settlement & Debt Negotiation: What Is It?

Question: I am writing to you about debt settlement. I have a lot of debt that has accumulated over the years. My friend used you for debt negotiations recently. I live in Alpharetta now. I have debt form doctors and the hospital, credit cards, a repo and an eviction from when I lived in Johns Creek. I was sued on some of the debt and I didn't respond to the lawsuit so now they have a judgment and I'm really worried about a wage garnishment. I work in Roswell now and I'm worried that if I get garnished I might lose my job.

The good news is that I have a job in Alpharetta and I am finally making money again after having been laid off from a job in Sandy Springs. I'm not sure if filing for bankruptcy is right for me and would like to explore my options. I've heard that debt settlement can help. Can you tell me about debt settlement and how it works and if debt settlement would help me with my debt situation?

Answer: Debt settlement, which is sometimes called debt negotiation, can be used to help many people who are in debt. Sometimes a person does not want to file bankruptcy or sometimes a person is unable to file bankruptcy. In those situations, debt settlement may prove extremely helpful.

Debt settlement is where an attorney negotiates on behalf of a debtor. The attorney negotiates with the creditor. The creditor can be a debt collector, a law firm, a credit card company, a hospital, doctor or clinic, a bank, finance company or loan company, or a former landlord. Basically, anyone to whom you owe a debt can be contacted by a debt negotiation attorney.

The purpose of debt settlement is to reduce as much as possible the debt that is owed. The debt is negotiated to as low an amount as is possible. Some creditors, of course, are more amenable to settlement than others. Many creditors want to negotiate a settlement because that way they receive some money. Since many people are facing difficult financial conditions from events like job loss, salary reduction, a business failure or unexpected medical debt, many creditors realize that negotiation is perhaps their best chance of recovering some funds from a debtor.

It is best to begin debt settlement as early as possible to achieve the best outcome. However, debt settlement is possible at any stage, even after someone has been sued or even after a wage garnishment has begun.

Debt settlement can be used by businesses with debt as well as by individuals. Business debt of all kinds can certainly be negotiated.

About Us

We are debt settlement and debt negotiation lawyers. We work hard to bring our clients debt solutions that give them a "fresh start." If you have debt that needs to be addressed, call us immediately at 678-215-4106. We are caring and experienced debt settlement attorneys who work to save you money. Our experience includes serving as an Assistant Attorney General, a Magistrate Judge and as a Senior Assistant County Attorney.

At the Sherman Law Group we try to answer as many questions as possible on our blog. If you have a question, email it to us and we'll do our best to answer it. No names will be used.

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