Debt Settlement Assistance in the Twin Cities

Helping Thousands Achieve Debt Relief Successfully

Simply put, debt settlement is an agreement between a debtor and a creditor that reduces the overall amount of payment owed. Why would a creditor be willing to settle for less than what is due to them? Because if it's a question of receiving some of what's owed to them or none of what's owed to them, they'd much rather recoup what they can rather than lose it to bankruptcy.

Debt settlement can usually resolve most debts, including:

• Medical bills
• Credit cards
• Personal and business loans
• Foreclosure

Though debt settlement can be accomplished without the assistance of a bankruptcy attorney, it rarely turns out well. Your smartest bet is to lean on the legal experience of someone who has both the knowledge of the law and hands-on experience with debt settlement negotiations. Without understanding the legal rights of both debtors and creditors, it's very difficult to have any leverage at the negotiating table. Contact our Oakdale debt settlement lawyers to find out how we can help you.

Pros and Cons of DIY Debt Settlement

The benefit of opting for a debt settlement without the help of a professional debt settlement company means that you are able to avoid fees. The debt settlement company may charge up to 15% to 25% of the amount that was settled. If you consider it, if you are settling a $10,000 debt for $5,000 your fee may be up to $1,250 or higher.

If you are considering debt settlement, you may also face a tax burden on the forgiven amount. Be aware that your credit score will be affected negatively and will stay on your credit report for up to seven years. However, although debt settlement affects your credit score negatively, settling an account is still better than not paying it at all and allowing it to go delinquent or default.

Understanding Debt Collection Limits in Minnesota

Depending on the type of debt, in Minnesota, debt collectors have between4 - 6 years from the last payment to pursue legal action. When the statute of limitations runs out, then the debt becomes “time-barred” and collectors cannot come after you.

Timeline for Settling Your Debt

The length of time it takes to settle a debt depends on your type of debt, but typically it takes 36 - 48 months. For experienced guidance in settling your debt, do not hesitate to reach out to an Oakdale debt settlement lawyer near you.

Why Choose Lamey Law Firm, P.A. for Debt Settlement in Oakdale?

At Lamey Law Firm, P.A., individualized attention has been one of our most defining characteristics. From beginning to end, you will work directly with the same debt settlement lawyer. You won't be handed off to an assistant or paralegal. It's the only way we can ensure that every client receives the most exceptional service we can offer.

As part of our debt settlement services, we can:

• Handle all negotiations and all creditor phone calls
• Represent you in court if your debtor rights have been violated
• Negotiate a favorable solution as quickly as possible
• Take care of all the necessary paperwork and documents

To learn more about the debt settlement options available to you in Oakdale, we would love to speak with you in person or over the phone. At Lamey Law Firm P.A., your first consultation is free, and we're available to meet with you on evenings and weekends as well. Contact our debt settlement attorneys in Oakdale today.