Debt Settlement Lawyer Andover MN

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Auriton Solutions
(651) 697-7980
1700 Highway 36 W
St. Paul, MN
Krug & Zupke, P.C.
(651) 645-7746
1600 University Ave W 310 Spruce Tree Centre
St. Paul, MN
Trista Marie Roy
(651) 770-9707
367 Commerce Ct.
Vadnais Heights, MN
Debt Collection, Credit Repair, Privacy
University of North Dakota School of Law,University of Wisconsin, Eau Claire
State Licensing

Joseph Anthony Wentzell
2812 Anthony Ln #200
St Anthony, MN
Bankruptcy, Debt Collection, Business, Litigation
South Texas College of Law
State Licensing
Minnesota, Texas

Nicholas Peter Slade
(612) 379-8800
Fraud, Debt Collection
Hamline University School of Law
State Licensing

Hennek Klaenhammer & Lees
(651) 633-4400
2585 Hamline Ave North
St. Paul, MN
Berg & Strommen PLLC
(651) 481-3118
1327 County Road D Circle East
St. Paul, MN
Daniel Andrew Batten
(612) 702-8178
Debt Collection, Litigation, Contracts, Chapter 7, LLC
State Licensing

Becky Leann Martin
(763) 425-6330
21308 John Milless Dr #204
Rogers, MN
Family, Debt Collection, Estate Planning, Contracts
Hamline University School of Law,University of Wisconsin, Eau Claire,United States Army Reserves
State Licensing

Christopher Sean Wheaton
(612) 379-3191
2021 East Hennepin Avenue, Suite 195
Minneapolis, MN
Debt Collection
University of St. Thomas School of Law - Minneapolis,University of St. Thomas
State Licensing

Debt Management Options

Debt settlement can be a useful option when a consumer has acquired too much debt that he or she cannot afford to pay in full. With debt settlement, the creditor agrees to settle with the debtor for an amount that’s less than the actual amount owed.

Much like most other debt management options, debt settlement has its advantages and disadvantages. Debt settlement can reduce the total amount that is owed to creditors and it can also reduce interest on your debt. Debt settlement can eliminate any future fees on your debt, it can consolidate all of your payments under one creditor, and it is possible to become debt-free in less than two years. And, unlike a debt consolidation loan, you are not creating new debt by borrowing to get out of debt. 

One of the disadvantages of debt settlement is the negative effect it may have on your credit report. Because you won’t be paying your creditors the usual monthly payments, this will be noted on your credit report. However, to some creditors this notation can also mean that the debtor did take responsibility in paying as much as he or she possibly could, which may help to offset the negatives. In addition, because your credit report will show that the debt is “paid” or “settled” rather than “outstanding,” this may have a positive effect on your credit history.

Another disadvantage to debt settlement is that any cancelled amount exceeding $600 is considered taxable income. If the creditor reports the forgiven amount to the IRS, you will receive a 1099-C form. In some instances, however, the IRS will decide that the debtor is insolvent, meaning that the debtor will not owe any Federal taxes on the amount.

If you decide that debt settlement is the best option for you, there are several ways to accomplish it. You may negotiate your own debt settlement agreement or you can hire a consumer law attorney to assist you. It is highly recommend that you hire an attorney, especially if your debt is substantial. When negotiating a debt settlement agreement on your own it is important to get everything in writing. Debt collectors typically deal with hundreds of cases per day, so mistakes can happen. To protect yourself, make sure you have agreement in hand before making any kind of payment. The agreement should clearly state the following:

  • -Payment due date
  • -How much you have agreed to pay (total amount and each payment amount)
  • -Method of payment (i.e. cashier’s check, electronic bank transfer)
  • -The debt collector will report to the three major credit bureaus that the debt has been settled or (if applicable) “paid in full” 
  • -Any/all conditions of the agreement (consequences of late payments, consequences of breach)
  • -Any concessions that the debt collector has made

It is recommended that you contact a consumer law attorney to review the agreement to ensure that your interests are well protected. You can search for consumer law attorneys in your local area through the American Bar Associatio...

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