Comments on: Alternatives to Bankruptcy if Your Debt is Less than $20,000 http://www.thebklawyer.com/thebkblog/2008/04/14/alternatives-to-bankruptcy-if-your-debt-is-less-than-20000/ Personal Bankruptcy tips and tricks moderated by Atlanta lawyer Jonathan Ginsberg Tue, 17 Jan 2012 01:57:46 +0000 hourly 1 By: Kenny Goldehttp://www.thebklawyer.com/thebkblog/2008/04/14/alternatives-to-bankruptcy-if-your-debt-is-less-than-20000/#comment-10664 Kenny Golde Sat, 27 Dec 2008 01:54:53 +0000 http://www.thebklawyer.com/thebkblog/2008/04/14/alternatives-to-bankruptcy-if-your-debt-is-less-than-20000/#comment-10664 <p>I was recently successful at negotiating settlements that reduced my credit card debt from $212,000 to $30,000. I had an attorney to advice me though I did all of the negotiating myself, in part because my creditors wouldn't call my attorney or return his calls. I gathered that this was because they, too, understand that most individuals are going to have more emotional involvement in their debt than a hired attorney. Removing the "emotion" from my negotiations was a major step in reaching successful settlements. In the end, though, I avoided bankruptcy and saved over $100,000 in the settlements. I'm sharing my story on my website, if you're like to know more.</p> I was recently successful at negotiating settlements that reduced my credit card debt from $212,000 to $30,000. I had an attorney to advice me though I did all of the negotiating myself, in part because my creditors wouldn’t call my attorney or return his calls. I gathered that this was because they, too, understand that most individuals are going to have more emotional involvement in their debt than a hired attorney. Removing the “emotion” from my negotiations was a major step in reaching successful settlements. In the end, though, I avoided bankruptcy and saved over $100,000 in the settlements. I’m sharing my story on my website, if you’re like to know more.

]]> By: Jonathanhttp://www.thebklawyer.com/thebkblog/2008/04/14/alternatives-to-bankruptcy-if-your-debt-is-less-than-20000/#comment-9561 Jonathan Mon, 21 Apr 2008 15:00:51 +0000 http://www.thebklawyer.com/thebkblog/2008/04/14/alternatives-to-bankruptcy-if-your-debt-is-less-than-20000/#comment-9561 Bill McLeod makes a good point. Negotiations with creditors or collection agencies are not likely to be pleasant conversations and you need to enter into this type of negotiation with the proper mindset. Bill McLeod makes a good point. Negotiations with creditors or collection agencies are not likely to be pleasant conversations and you need to enter into this type of negotiation with the proper mindset.

]]> By: Bill McLeodhttp://www.thebklawyer.com/thebkblog/2008/04/14/alternatives-to-bankruptcy-if-your-debt-is-less-than-20000/#comment-9459 Bill McLeod Wed, 16 Apr 2008 16:10:17 +0000 http://www.thebklawyer.com/thebkblog/2008/04/14/alternatives-to-bankruptcy-if-your-debt-is-less-than-20000/#comment-9459 Hi Jonathan, I am not a fan of encouraging consumers to hire lawyers to negotiate debts. But I do recommend that they take a reasonable approach to settlement. If an attorney is not getting paid, then that means the creditor is arguably getting more than they would without an attorney - and the consumer is arguably paying less. The consumer could however, simply remind the creditor that they can - and will - get a lawyer if they cannot work things out. So longer as the consumer knows what they are getting into (gets things in writing, ensures it's really settled, etc.), I have no problem recommending that a consumer try it resolving it themselves. Hope all is well in your neck of the woods! -Bill McLeod Hi Jonathan,

I am not a fan of encouraging consumers to hire lawyers to negotiate debts. But I do recommend that they take a reasonable approach to settlement. If an attorney is not getting paid, then that means the creditor is arguably getting more than they would without an attorney – and the consumer is arguably paying less. The consumer could however, simply remind the creditor that they can – and will – get a lawyer if they cannot work things out. So longer as the consumer knows what they are getting into (gets things in writing, ensures it’s really settled, etc.), I have no problem recommending that a consumer try it resolving it themselves.

Hope all is well in your neck of the woods!

-Bill McLeod

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