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Debt Settlement


Debt settlement is our most popular non-bankruptcy program. The best candidates for Debt Settlement are those who have the ability to gather a lump sum of funds to use for settlement purposes. Sometimes that means an inheritance or some other unexpected windfall. Often times a Client will take a loan against their retirement or home. These are serious decisions that should not be entered into lightly. There can be tax consequences related to debt settlement but you can avoid bankruptcy and settle debts for less than you owe.

What Steps are involved with Debt Settlement?

The First step in debt settlement is deciding which debts you want to pay through the settlement process. If you decide to move forward with my office we will pull a copy of your credit report and review it with you. We will work with you to prioritize which debts should be paid first and how much money you need to raise to realistically settle your debt.

We will have you sign a limited Power of Attorney which will allow my office to negotiate directly with your creditors. We start by contacting the Creditors and verifying that they are the debt holder and they have the right to collect the debt.

During this time your job is to gather up the agreed upon settlement funds. Once you have gathered those funds, they are held in my Attorney Trust account. The funds are held for your benefit. If you cancel the settlement program with my office those funds will be returned to you minus any applicable remaining attorney fees. This leaves you in control and protected.

Once the settlement account is funded by you, my office will start making settlement offers to your creditors. We will prepare the necessary paperwork to make a proper offer. We will keep you informed during the process.  Once a settlement amount is agreed upon with the Creditor, I will send the check from the Trust Account. 

How much will debt settlement cost?

Unlike Debt Settlement companies who often take their fees “off the top” the Wegner Law Firm represents individuals seeking debt relief on a contingency basis. Our fee is 10% of the total original debt amount and is only due if settlement is achieved so you don’t have anything to lose.  So if you owe $15000 to a Credit Card and we settle the debt for 55%, your actual cost would be  $8250 to the creditor and $1500 to my office.  Your total out of pocket would be $9750, saving you $5250. 


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