Milford Credit Card Debt Settlement Lawyer

Milford Credit Card Debt Settlement Attorney

If you are overwhelmed with debt, and creditors and debt settlement companies won’t stop harassing you, you are not alone. We are here to help you find a solution. Debt doesn’t have to take you down, and Attorney Tim Pletter is the one Milford credit card debt settlement lawyer who won’t let it.

Established in 1982 and owned by Attorney Tim Pletter since 2000, Ambrogio, Pletter & Associates, LLC, devotes a large portion of our law practice to anyone who needs suggestions for their overwhelming debt problems. We will show you the pluses and minuses of various debt relief remedies.

The Problem With Credit Card Debt Settlement Companies

US consumers have racked up $1.13 trillion in credit card debt, and every day, millions of debt-burdened consumers in the US are promised settlement agreements from deceptive companies claiming they will negotiate with their credit card companies on their behalf to decrease their debt. In fact, nothing could be farther from the truth. While some of these credit debt settlement companies are respectable businesses, it’s hard to know who to trust.

Regardless, there are drawbacks for debtors who rely on these companies, no matter how trustworthy they are. For any consumer trying to get out of debt and stay out of debt, speaking first with Milford credit card debt settlement Attorney Tim Pletter is a much better option.

The Downside of Credit Collection Agencies

When delinquent credit card debt becomes 180 days past due, the credit card company, or lender, may sell the unpaid credit card balance to a collection agency for an average price of $0.04 on the dollar. These companies may then negotiate debt settlement, and consumers may be able to pay off their debt at a lower price than they originally owed. However, there are disadvantages to this. The downsides of debt settlement, even with a decent company, include:

• The payoff amount, while less than the full balance, is usually still a significant amount and must be paid in one lump sum payment.
• Debtors, while discharged from debt, may have to pay taxes on the amount of debt that they didn’t pay back, since the IRS may treat the forgiven debt as taxable income.
• Debt settlement is reported to credit bureaus and may show up as ‘settled’ or ‘paid for less than the full balance,’ which will have a negative impact on the debtor’s credit score.

If you have overwhelming debt and decide to accept an agreement from one of these companies, the uncertainties get worse if the debt settlement company is of ill repute. Problems can include:

• The debt settlement company may have you make payments every month, but rather than put it all towards your debt, they may take a significant amount of that out in fees, and you are still in debt.
• Your credit card company may not accept the settlement agreement because they aren’t obligated to, and they may still end up suing you.

You Have Other Debt Relief Options

If you have considered signing an agreement with a credit card debt settlement company in Milford, CT, a better alternative is to speak with Attorney Tim Pletter to discuss Chapter 13 bankruptcy. It’s a more flexible route to financial freedom with fewer risks and a better outcome.

Chapter 13 bankruptcy allows you to repay part of your debt, but instead of making payments to a shady debt settlement company, your payments are protected by the US Trustee’s Office. In addition, your payments are made on your preferred schedule that matches your financial situation and aligns with your budget.

The most appealing perk of filing Chapter 13 bankruptcy is that all pursuit of debt from creditors and collection agencies stops immediately when you file. You are protected by the law from any and all creditors attempting to collect payment for your debt.

In Milford, Connecticut, Chapter 13 bankruptcy cases are handled by the United States Bankruptcy Court for the District of Connecticut at its New Haven divisional office. The court is located in the Connecticut Financial Center at 157 Church Street, 18th Floor.

FAQs About Milford, CT Credit Card Debt Settlement Laws

Speak With Experienced Milford Credit Card Debt Settlement Lawyer Tim Pletter

If you need relief from overwhelming debt and the relentless attempts from creditors and collection agencies, it’s time you spoke with Milford credit card debt settlement Attorney Tim Pletter about Chapter 13. Call Ambrogio, Pletter & Associates, LLC. We will make suggestions to you on how to get to the bottom of your debt.