As a law firm we see a lot of people who have debt issues. One of the questions we are always ask is about other options besides bankruptcy. In cases when a person has been suit for a debt that they owe, we offer the option to settle it (assuming they owe the debt and they are no defenses). I can only speak for what I see in my jurisdiction which is New Jersey and a lot of the people who have these debt lawsuits are often suit by debt buyers. A debt buyer is a business that buys bad debts on pennies on the dollar and files a lawsuit against the debtor to collect on them. It is always an option to try to offer them a settlement and reduce the debt. You can always offer a payment plan.
When making an offer consider your personal financial situation. I always tell my clients not to set themselves up for failure and offer something they can afford. These companies are very happy to cooperate. Collection is art. It is great to get a judgment but the collection process is tedious. The creditor is often happy to hear of an offer because they don't have to go through the collection process.
For more information please contact our office at 201-880-5563 or visit us at www.ruizdoolanlaw.com for a consultation.
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