Debt Settlement | Colorado Bankruptcy | 5280Law

Debt Settlement

If you don't know what to do about your debt, let's chat.
We've successfully helped hundreds of people reduce and even eliminate their debt through negotiation and bankruptcy.

Debt negotiation, also known as debt settlement, is a process in which we work with creditors to agree on a reduced balance that will be regarded as payment in full. In situations where payments to the creditor have been inconsistent or stopped altogether, creditors are often willing to accept a reduced balance. Usually these balances need to be paid in one or two installments, so a lump sum of cash is generally required. See our Debt Negotiations Guide for more information. Oftentimes debt negotiation is confused with debt management. See our Budgeting section for a discussion of repayment plans outside of bankruptcy. Contact us to see if this type of settlement is right for you!

Budgeting and Planning
In addition to our array of debt solutions, we offer assistance with budgeting your resources to make those dollars stretch as far as possible. We are not trained financial planners, but we will be happy to help you find alternatives to bankruptcy if they are available. Sometimes creating a more effective budget is a solution to pulling yourself out of debt. We can also recommend reputable credit counseling agencies that will help you with budgeting. These agencies are nonprofit and charge very low fees. They can set up a monthly payment plan for you with your creditors. Many “do”s and “don’t”s for selecting a reputable nonprofit credit counseling agency can be found here: www.nolo.com