In workouts, we negotiate
a settlement of each debt for a single payment of
less than the balance due. Circumstances must be
right. First, bankruptcy must be an option in
your case. We need to make a case to your creditors
that you cannot afford to pay your debts in the normal
course, and that you are eligible for bankruptcy. This
may require a showing of your income, expenses, assets
and liabilities. Second, you must be able to
promptly pay when each account is settled. Third,
it is best that you have no more than eight to twelve
accounts. Workouts can result in the settlement
of your debts at significant savings, sometimes for
as little as 25% of the balances due. Attorney
fees will depend on several factors, including the
number of accounts to be settled and the total amount
of debt involved.
