Richmond Debt Settlement Attorneys
Debt Settlement Professionals Serving Newport News and Virginia Beach
Debt settlement provides a valuable alternative to bankruptcy for many individuals and families. This process involves negotiating with creditors to reduce the total amount you owe and sometimes allows you to resolve your debt for a fraction of the balance.
At Boleman Law Firm, P.C., we make it our mission to help Virginians get their finances back on track. Our attorneys can leverage our extensive experience and negotiating skills to advocate for you by working directly with your creditors to secure a favorable agreement. We understand what is at stake and are prepared to fight for the best possible outcome, no matter how dire your financial circumstances may seem.
Schedule a free, no-risk consultation with one of our Richmond debt settlement lawyers to learn more about how we may be able to help. Contact us online or call (804) 396-2005 today. We can meet with you virtually!
How Does Debt Settlement Typically Work?
Debt settlement is a negotiation process where we work with your creditors to resolve your outstanding debt for less than the full amount you owe. We start by thoroughly reviewing your financial situation, including your income, expenses, and a complete list of your debts. This initial assessment helps us understand your ability to pay and provides the foundation for our negotiation strategy. We can then contact your creditors and present a compelling case for a reduced payoff, often highlighting your financial hardship and our legal representation. Our goal is to reach a settlement agreement that is both affordable for you and acceptable to the creditor.
A settlement will involve either making a lump-sum payment or a series of payments to satisfy the reduced debt. We manage all communication and negotiations so that you don't have to deal with aggressive collection calls or letters. We can also formalize the terms of the settlement in writing to protect your interests.
Unlike debt consolidation or credit counseling, debt settlement can significantly reduce the principal amount of your debt, providing a faster path to becoming debt-free. We can work diligently to secure the most favorable terms possible, freeing up your money and helping you focus on your financial future.
Throughout the entire process, we provide clear and consistent communication. We keep you informed about the status of negotiations, explain each offer and counteroffer, and answer all your questions. We handle all the legal and administrative complexities, allowing you to concentrate on getting back on your feet.
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"I am beyond thankful!"
The professionalism, empathy respect and guidance that I received at the Boleman law office was an unforgettable experience that uplift my journey.
- Monica B. -
"Boleman law firm has been the best law firm in Virginia."They helped me and my wife so much I could never repay them for the help they did for us and they were very kind and helpful and always took my calls and always made sure I was doing my part and they never ever let us down they saved our home our automobiles and that was our life as I said they were like family the way they treated us and did so much for us and the price they charged us was so cheap and they never let us down. To us there is no other law firm that is like family.- David R.
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"I highly recommend Boleman Law firm if you are considering bankruptcy."Boleman Law Firm possesses some great lawyers. I had some fears about filing for bankruptcy but their staff walked me through the entire process. I was treated with respect and compassion. It’s not easy deciding to file for bankruptcy but Boleman made the process easy and relatively straightforward.- Robert M.
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"Guided us to a successful outcome."
We had a great experience . Their team is amazing. Very professional while being considerate of 2 older folks with special needs.
- Tom G.
When Do I Need to Consider Bankruptcy?
Debt settlement isn't a viable option for everyone, particularly when your financial problems are extensive. If you have minimal assets, a low income, and a large amount of unsecured debt, bankruptcy might be a more suitable path forward. Debt settlement relies on your ability to pay a lump sum or make regular payments toward a reduced debt, so it may not work if you lack the necessary funds.
You may need to explore filing for bankruptcy you have secured debts, such as a mortgage or car loan, that you are at risk of losing your home or car. Debt settlement only addresses unsecured debts like credit card debt and medical bills. It does not protect your home from foreclosure or your car from repossession.
Bankruptcy, on the other hand, can halt these collection actions through an automatic stay. Chapter 13 bankruptcy gives you time to reorganize your debts while saving your assets. Chapter 7 bankruptcy allows you to discharge unsecured debts in exchange for liquidating your non-exempt assets to repay creditors. Furthermore, if you are facing multiple lawsuits from creditors, bankruptcy stops all legal proceedings immediately, whereas debt settlement requires us to negotiate with each creditor individually, which can be a slow and complex process.
Finally, you may need to consider bankruptcy if your total debt load is simply too high to be resolved through settlement. While we can often negotiate significant reductions, creditors still expect a reasonable percentage of the original amount. If your debts are so great that even a reduced amount would be impossible for you to pay, bankruptcy may provide a more realistic solution. It can discharge most, if not all, of your unsecured debt, potentially offering a true financial fresh start rather than a partial reduction that still leaves you struggling.
For these reasons, it's important to have an honest conversation about the full scope of your financial situation so we can determine whether debt settlement or bankruptcy is the right strategy for your case. One of our lawyers at Boleman Law Firm, P.C. can walk you through your options, answer your questions, and make a personalized recommendation.
If you are struggling with debt, you are not alone. Help is available, so call (804) 396-2005 or contact us online now.
