How Debt Negotiation Works

In these tough economic times, many Americans are struggling on a monthly, if not weekly basis to pay their debts. Whether you are about to default on your payments, or if creditors have already come knocking, the best strategy is to take a step back, review your situation and come up with a proactive plan as soon as possible.

As the founder of Bryan W. Clickner, Attorney at Law, PLLC, I bring nearly 25+ years of experience to the table. Regardless of what led to your financial difficulties or how much debt you have, you do have options and as a compassionate attorney whose career is focused on debt relief, I would be glad to help you navigate towards a brighter financial future.

How does one negotiate with creditors?

If you are having trouble paying your creditors, you may be able to work with your creditors or even debt collectors to make things more affordable – this is called debt negotiation.

For example, you may be able to:

• Negotiate lower payments
• Negotiate reduced late fees
• Lower interest rates
• Negotiate a discount on the principle
• Skip a few payments
• Tack payments at the end of the loan
• Rewrite the loan

If you decide to take this path, it's important that you work out an arrangement with all of your creditors. If you negotiate a payment plan with only some of your creditors, your other creditors can still sue you and essentially negate the good that came from your successful arrangements.

If you do wind up filing for bankruptcy, not an uncommon sequence of events, the fact that you paid off some of the debt will not benefit you and would only be money down the drain.

Work With a Skilled New Hampshire Bankruptcy Lawyer

The cheapest way to deal with out-of-control debt is to take actions to remedy the situation yourself. I recommend exploring ways to reduce spending and expenses, and if possible, increase your income. By using your budget as a guide, you can come up with a realistic dollar amount that you can devote to paying towards all of your debt each month.

If all attempts at debt negotiation have failed, or if you determine that bankruptcy is your best option, I urge you to contact my office to set up a free consultation. Bankruptcy provides many consumers with the fresh start they need and it frees them from having to worry about creditors taking legal action to enforce payments on outstanding debts.

As a New Hampshire bankruptcy attorney, I can provide you with the facts to help you decide if bankruptcy would work for you. Call today.