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Debt Settlement

Santa Ana Debt Settlement Attorneys

Serving Clients of All Backgrounds Throughout the State of California 

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How much Money is needed for a Successful Debt Settlement Plan? In total? Per month? How Long does a Debt Settlement Plan take? How much Can I Really Save?

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What Is Debt Settlement? 

Debt settlement is the “middle road” when it comes to making the decision on how to finally” get out of debt”. You basically have three options when it comes to attacking your debt problem:

  1. PAY IT OFF: Or at least pay more than the minimum payments- which is to say: pay off principle amounts faster. The faster the better. Making the minimum payments won’t work as that will take years and you will pay 2 or even 3 times the amount you borrowed in interest alone. The lone advantage of this approach is you will not hurt your credit rating by keeping current (although excessive debt will hurt your rating). If you take this approach, make sure you have a legit plan with a date you will be debt free.
  2. DEBT SETTLEMENT: Negotiate to reduce your debts so that you pay something and your creditor gets something. This is the debt settlement “middle road”. Because both sides get something, and both have some “pain”. You don’t pay 100% plus, and the creditor does not get 100%. For this same reason, it is not as bad on your credit rating. Your credit will take a hit when you default in order to settle (which you must do), but your credit rating will recover faster too when you pay something to your creditors.
  3. BANKRUPTCY: if available and desired, gives the consumer the biggest benefit as you pay nothing (other than legal fees) and the creditor gets nothing. As a result, it also has the biggest negative impact on your credit rating.

Every person’s situation is different, and a legal consultation is necessary to see what is best for you.  I often refer to these options as the Good, the Bad, and the Ugly. The Good is the Debt Settlement option as it is a “win-win”. For many consumers it is a good option, so long as you use the right provider and understand all the pros & cons.

The Bad is the Bankruptcy only because it can have a longer lasting negative affect on your overall financial future. That said, it is not as devastating as you might think, and it is at least worth investigating and learning more about. You should know if bankruptcy is even an option or not. Then decide if it is right for you.

The Ugly is paying the creditor full amounts plus all the interest. There is a reason banks are rich, and you are struggling: They give you $1000 and you pay them back $5000. That is Ugly for you and your family. Especially when there is a better way that you can secure your financial future, sooner than later.

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Real Client Results

Conquering Your Mountain of Debt Since 1992
  • $1,043,087.06 settled for $492,701.56 Individual
  • Client Saved $27,433.00! UGH, I LLC.
  • $535,175.56 was settled for $375,000.00 Madison 65 Co
  • Client’s debt was reduced by $314,811.00! National Continental Insurance Company
  • $263,963.17 JUDGMENT VACATED! Los Angeles County Superior Court

Pro Advice: Debt Settlement – General

Fitzgerald & Campbell knows how to set legal traps for creditors and debt collectors that wrongfully harass and pursue debtors. If you are worried about endless phone calls, letters, and bills, let our firm know what is going on. We would be happy to let you know how we can help.

How Does Debt Settlement Work?

Debt settlement involves negotiating with your creditors to pay less than the amount you owe. Credit Card debt, medical bill debt, personal loans, payday loans, business loans & debt, as well as private student debt all qualify for settlement. Amounts due after auto repossession and home foreclosures also qualify for settlement.

This is how it works:    

First, you must stop making payments to any creditor you want to settle with. There is no getting around this.

Second, you must estimate how much money will be needed to: 1) settle the debt and 2) pay the attorney fees to do so. We call this the total “outlay”. For example, if you have a $10,000 Bank of America account that you want to settle and you estimate a 40% settlement, you will need $4000 to pay Bank of America. Assuming the attorney fee is 15% of debt amount, that means you will need $1500 for the fees. The total “outlay” will be $5500 ($4000 plus $1500).

Third, you must determine how much you can save each month to get to the $5500. If you can save $500 per month, it will take you 11 months to save up $5500. If you can save $250 per month, it will take 22 months (22 months X $250/mo= $5500). 

Fourth and final, you must find a reputable and trustworthy service provider who can get you the best settlements, who will protect your savings, get the proper settlement documentation, and who is in compliance with California’s new Fair Debt Settlement Practices Act.

The goal of debt settlement is to get you out of debt for the least amount of money possible, Bankruptcy is a powerful weapon and the mere threat of bankruptcy can get reductions. There are several other valuable LEGAL tools available to consumers facing insurmountable debt. Tools such as the Fair Debt Collection Practices Act (FDCPA), Statute of Limitations, and the rules of evidence in court all exist to protect debtors from creditors who violate the law and overextend their authority over consumers. At Fitzgerald & Campbell, APLC, we offer comprehensive Debtor Protection Plans and Debt Settlement Plans to assist clients throughout California who are struggling with debt and debt collectors. 

Should I Choose a Debt Settlement Company or Debt Settlement Attorney?

This choice is all about which is going to get you a better settlement and for what fee. Fitzgerald & Campbell, APLC will match any Debt Settlement Company fees so this is all about who will get you the better settlement.

Here are the top 6 reasons a lawyer will get you a better settlement:

  1. Creditors are worried about you filing Bankruptcy. Only a lawyer can file bankruptcy. Creditors love if you use a debt settlement company for this very reason.
  2. Creditors are worried about being sued by lawyers for violating the Fair Debt Collection Practices Act (FDCPA). No lawyer? No Problem! Is what collectors say!
  3. Only a lawyer can stop a collector or creditor from contacting you directly. If you don’t want any calls, letters, texts, emails; you must use a lawyer. Collectors hate that they cannot contact you.
  4. Debt Settlement Companies are afraid of Collection lawsuits because they will lose you as a customer if they don’t settle right away for whatever the collector wants (and so they agree to a higher settlement because of this). We often get better settlements because collectors know we will be in court with you.
  5. Lawyers have Clients. Debt Settlement Companies have customers. For customers the law is: Buyer beware. For Clients the law is: you are owed fiduciary duties (lawyer must think of client before themselves)
  6. Lawyers have a bar license and you can complain about poor or over charged services to the State Bar. Who do you call about a debt settlement company? The BBB?

Bottom line, Creditors also know that consumers with debt settlement companies can’t give you any legal advice, stop any calls, represent you if you get sued, and or sue collectors that violate harassment laws.

But if you are represented by a debt settlement attorney who also handles bankruptcy cases, then creditors will likely offer a better settlement. Likewise, threatening a lawsuit to a lawyer that goes to court to defend cases is meaningless because lawyers are equipped to sue collectors, which is a risk that most collectors aren’t willing to take. 

All of these factors can impact your settlement. That is why our trustworthy consumer protection and credit defense attorneys will work closely with you and use our decades of combined experience to protect your best interests and keep as much money in YOUR pocket for as long as possible.

Which lawyer should I choose?

  • Choose a lawyer who has been doing this for over 30 years. 
  • Choose the lawyer that did this for himself! 
  • Choose the lawyer that has a team of dedicated and highly trained staff focused on results and client service. 
  • Choose the law firm that has prior collection attorneys and collectors on staff now working for you! 
  • Choose the law firm that serves the entire state of California. 
  • Choose the law firm that goes to trial on debt collection cases regularly
  • Choose the law firm that files bankruptcies and fights judgments. 
  • Choose the law firm that does debt settlement on a complete contingency basis.
  • Choose the law firm that has settled tens of millions of dollars of debt.
  • Choose the law firm that is winning and growing.

Consult with Our Debt Settlement Team Today to Discuss Your Case 

Many debt collectors will not be able to prove what is owed. Most won’t even try and instead will rely on a continuing assault on your telephone or mailbox. Fitzgerald & Campbell, APLC turns the tables on them by continually holding creditors to the letter of the law.

Get Fitzgerald & Campbell, APLC working for you and jump start your financial future. 

Suggested Reading:

If you are feeling overwhelmed by debt and debt collectors, then please give us a call today at (844) 431-3851 to take control of your future. Schedule your free case consultation today.

Hear From Our Happy Clients

At Fitzgerald & Campbell, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

    "It Was The Right Decision"

    Patricia and Fabiola were both such a great help from the start. It was the right decision to seek legal help when dealing with these debt collectors. The process with Fitzgerald & Campbell was very simple and straightforward, it reduced the stress of my situation greatly for a reasonable price. Highly recommend!

    - C.M.
    "Provided Clarity and Prompt Communication"

    We got involved in a domestication of sister-state judgment (from a vehicle accident in Nevada) that involved a different person with the same name, it was originally served to a different address. Several other attorneys had no clue how to deal with this case, suggesting to get our vehicle insurance involved. Attorney William J. Campbell, Luz Rodriguez and case manager Christina did a great job and provided clarity and prompt communication on how to file a motion to vacate this sister-state judgment. The case is now vacated and dismissed without prejudice. Highly recommended.

    - E.C.
    "Fitzgerald & Campbell is Truly Praiseworthy"

    I was in a difficult and stressful situation. I was sued and served over an old personal loan.
    Fitzgerald & Campbell helped me to settle and lowered the judgment amount in less than a month.
    This firm is outstanding and they care about their clients.
    Thank you, Ms. Patricia Mendez for being so passionate and so helpful about my case.
    Now, am stress free.
    Fitzgerald & Campbell is a truly praiseworthy and highly recommended firm.
    Thank you.

    - E.A.
    "You Are All Amazing"

    Thank you very much, Ma'am for the immediate help.

    You are all amazing!🙏🙏🙏

    - E.A.
    "I Can't Thank Fitzgerald & Campbell Enough"

    I found myself dealing with a judgement and wage garnishment, Fitzgerald & Campbell explained to me what my options were on how to settle and get myself out of this situation. I was supplied and guided on how to fill out proper paperwork and never once had to deal with said creditor myself, Fitzgerald & Campbell did all of the communication between myself and the creditor. I can't thank Fitzgerald & Campbell enough (especially Patricia!) For negotiating a settlement I could pay in full and put this whole ordeal behind me. If you are feeling stranded in a hole with everyone coming at you Fitzgerald & Campbell are there extending a friendly hand to get you out of that hole and back on your feet.

    - S.J.
"I've walked in your shoes! Let me do for you what I learned to do for myself." - Gregory M. Fitzgerald, Managing Partner