The Wink Law Firm’s Bankruptcy Attorneys Can Help You During This Challenging Time
When looking for debt relief, you’ve probably noticed that there are more than a few solutions available on the Internet. However, these solutions were not created equally.
It is very easy to get into a situation with a debt consolidation company where you have every intention to pay, but now you’re running the risk of being sued or having your wages garnished.
This can be very confusing because the arrangement that you’d hoped would help you become debt free now seems to be souring.
Fortunately, you can get help from the leading team of bankruptcy lawyers near you. Specializing in all forms of debt relief from tax debt to business bankruptcy, The Wink Law Firm has the knowledge and expertise you need to get on a new path toward freedom from debt in Colorado.
Below, we explain what undesirable relationships with a debt settlement company can look like in comparison to a positive relationship with our team that can get you out of debt.
What Our Bankruptcy Lawyers Have Learned about Debt Settlement Companies Through Our Clients
Your relationship with a debt settlement company can go south for a number of reasons, and much of this difficulty comes from the fact that these companies have the potential to mislead their clients.
Perhaps one of the following situations sounds familiar to you:
- You find out you are being sued by a creditor, even though you’ve already enrolled your debt with a debt settlement company. You were not informed of this risk despite its predictability.
- You’ve discovered that you are going to have to pay more to a specific creditor on top of the monthly payment you’re already sending to the debt settlement company. You were not informed of this risk, either, despite its predictability.
- You didn’t plan to budget for an additional payment on top of this monthly payment, but now you need a solution because you want to avoid a lawsuit and having your wages garnished. You were led to believe the monthly payment to the debt settlement company would be sufficient, even though it often is not.
These situations happen all too often. What has likely happened is that the debt settlement company you are working with has an unreliable and misleading approach to settling your debt. This approach has their best interests in mind and does not help you get effective debt relief.
Here’s what typically happens:
- The debt settlement company has marketed a low monthly payment, which is very enticing when you’re trying to settle debt and struggling to repay your creditors.
- Unfortunately, however, this monthly payment is often not enough to cover all your creditors fast enough to settle all your debt before being sued. Your debt settlement company is allocating your monthly payment to creditors one by one, so some creditors are forced to wait while others get paid. The creditors that aren’t getting paid grow impatient, and will eventually sue you so that they can legally collect from you by garnishing your wages or funds in the bank.
- This dynamic is made worse by the fact that a large chunk of the low monthly payment you are making to the settlement company is being allocated to the debt settlement company’s fees. This further exacerbates the risk of creditors getting impatient and suing you.
If your relationship looks something like what we’ve described above, you’ve been misled by a company that promised to help you.
Debt settlement companies can make you feel more confused or uncertain about your ability to repay your debt. If this is the case for you, it may be time to look into a new solution for debt relief with The Wink Law Firm’s bankruptcy attorneys. Our expert team of bankruptcy lawyers near you have the legal strategies and knowledge you need to help you find a debt-free future.
A Better Approach to Debt Settlement with Our Team of Bankruptcy Lawyers
The Wink Law Firm’s strategy for helping you settle your debt is not misleading and offers the potential to settle your unsecured debt for approximately half of what is owed plus our fees, which are about half of what most other debt settlement companies charge.
Here’s our personal and business bankruptcy lawyers’ strategy:
- First, we let you know how much you’ll likely need to settle your unsecured debt and pay our fees. We also let you know that you’ll likely need this money within 24 months of default to minimize the risk of lawsuits. And we help you brainstorm about sourcing this money (for example, from your savings when you stop paying the credit cards, refinancing your mortgage, 401K loan, etc.).
- Next, we suggest that you stop making payments to your creditors. Your creditors will then begin to wonder if your account is in jeopardy of not getting paid at all.
- Because of your creditors’ worry, they are more likely to accept less than the full amount you owe. For them, this is better than getting nothing.
- The Wink Law Firm sends your creditors a letter instructing your creditors not to call you (cease and desist) and authorizing The Wink Law Firm to negotiate settlements on your behalf (power of attorney).
- The Wink Law Firm’s team negotiates with your creditors, so you can settle your debt for less than you owe. Typically, we can help our clients settle unsecured debt for approximately half of what you owe.
- If you get sued while settling debt, The Wink Law Firm will contact the firm suing you to negotiate a settlement of the lawsuit. Being proactive about settling lawsuits will mean that you can avoid wage and bank account garnishment.
- When all is said and done, you will have successfully navigated your debt and come out with a better deal than you ever could have received with a debt settlement company.
Instead of dealing with a misleading company that collects high fees while failing to pay all of your creditors at once, work with our highly qualified team of bankruptcy lawyers near you.
Our relationship with our clients looks more like this:
- First, we provide a free consultation to understand your predicament. We actively listen to better learn where you stand and how we can help.
- We find a solution that works for you and ensures you’ll be able to settle your debt effectively.
- We lay out that solution clearly and honestly, so you know exactly what to do and how to do it to get results.
- Our team of bankruptcy attorneys fights for you until there is an appropriate resolution. That’s our mission every time we work with a new client.
Work with The Wink Law Firm’s Bankruptcy Lawyers to Settle Your Debt
Whether we end up advising you on a debt settlement strategy or Chapter 7 bankruptcy, The Wink Law Firm’s team of bankruptcy attorneys always select the option that best fits your needs and your ability to pay.
This is a key characteristic that many debt settlement companies are missing. These companies choose the option that benefits them without truly considering what’s best for you. The result of their negligence is that you wind up being sued or having your wages garnished, which is certainly not what you planned.
Instead, schedule a free consultation with our personal and business bankruptcy lawyers. Contact us online or give us a call at (720) 523-0620.