Skip to main content

Debt Settlement

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.

Disclaimer: The contents of this website are of general nature and not intended to be a substitute for legal advice or the formation of a lawyer-client relationship. In order to be properly represented, please contact your local professional. In addition, the information given on this web site has been composed by a New Jersey attorney practicing exclusively in New Jersey. None of the information contained herein should be deemed to apply in other states, nor should this website be construed as an attempt by the author to practice law in any state other than New Jersey. If you have any question regarding this website please contact our office directly at (201) 880-5563.

ADVERTISEMENT: This website contains attorney advertisement within the meaning of the Rules of Professional Conduct governing the practice of lawyers in the State of New Jersey.  This website is considered an “advertisement.” Before making your choice of an attorney, you should give this matter careful thought. The selection of an attorney is an important decision. If the representations made on this website are inaccurate or misleading, you may report this to the Committee on Attorney Advertising, Hughes Justice Complex, P.O. Box 037, Trenton, NJ 08625.





Comments

Post a Comment

Popular posts from this blog

When do I need to Probate A Will in New Jersey?

PROBATE AND WILLS IN NEW JERSEY As Estate Planning Attorneys in New Jersey we often get asks whether probate is necessary if the decedent has a Will.  To better answer this question we need to know what is probate.  Probate is the process which permits an executor to transfer assets as directed by a decedent in their Last Will & Testament to the beneficiaries in accordance to the decedent's Will.  In order to make a determination of which decedent's assets must go through probate, we need to determine the tittle in which the asset is held. Assets held in the name of the decedent alone such as real estate, personal property and monies owed to the testator will generate be transferred through probate.  There is however a caveat in this situation as to some financial firms provide beneficiary designation forms which may transfer these accounts without probate. Assets held by the testator and another person jointly, with a right of survivorship, are said to be ...
Post a Comment
Read more

Establishing Consumer Fraud Claims in New Jersey

The New Jersey Consumer Fraud Act purpose was to combat sharp practices and dealings that victimized consumers by luring them into purchases through fraudulent or deceptive means. It was expanded to allow a private right of action for consumers that are victims of violations of the CFA. The private right of action included provisions that allowed for entitlement to treble damages, reasonable attorney’s fees, and reasonable costs of suit. In a cause of action asserting a violation of the NJ Consumer Fraud Act a plaintiff must prove:     1) unlawful conduct by defendant;     2) an ascertainable loss by plaintiff;     3) a causal relationship between the unlawful conduct and the ascertainable loss.       D’Agostino v. Maldonado , 216 N.J. 168, 183-184 (2013) (quoting Bosland v. Warnock Dodge  Inc ., 197 N.J. 543, 557 (2009)). If the plaintiff is successful in establishing his/her cause of action, the plaintiff is entitled to treb...
Post a Comment
Read more

Bankruptcy Filing Fees Rate Increase

Rate Increase for Filing Fees The Judicial Conference of the United States Courts approved the following amendments to the Bankruptcy Court Miscellaneous Fee Schedule.  For those who want to file bankruptcy before the fees changes please be aware of the new fee structure effective June 1, 2014     As a result of those changes the following fees will increase: • Chapter 7 Petition - $335           • Chapter 9 Petition - $1,717        • Chapter 11 Petition - $1,717  • Chapter 12 Petition - $275         • Chapter 13 Petition - $310         • Chapter 15 Petition - $1,717   • Motion to Split Chapter 7 Case - $335            • Motion to Split Chapter 11 Case - $1,717 • Motion to Split Chapter 12 Case - $275          • Motion to Split ...
Post a Comment
Read more