For many people who struggle with debt, bankruptcy is far and away the most cost-effective form of debt relief. However, for those who have significant property that is not protected in bankruptcy (“non-exempt assets”) or higher income, bankruptcy can mean that they have to pay back a lot, if not all, of their debt. For these people, debt settlement may be a more cost-effective solution.
Debt settlement means directly negotiating with your creditors outside of bankruptcy to achieve a reduction in the balance you owe your creditors. Most credit card lenders and medical creditors will accept a fraction of the balance owed in full settlement of the debt. Some creditors drive harder bargains than others, but our experience is that a balance reduction of approximately 50% can be achieved with credit card and medical creditors.
Wink & Wink has the expertise to negotiate the best settlements possible with your creditors.