Baltimore Debt Settlement Attorney

Serving Baltimore County and Montgomery County, Maryland

If you are facing overwhelming debt, you may be able to find relief through a debt settlement action with your creditors. Your first step should be to consult with the Baltimore debt settlement lawyer at the Aylward Law Firm for a review of your financial situation. Attorney Aylward has more than 22 years of experience in handling serious debt matters for clients throughout Baltimore and Montgomery Counties as well as Washington DC and Rockville. After evaluating your specific debt situation, it can be determined what the most optimum solution will be for resolving your financial crisis. With the experienced and skilled representation you need from the firm, your financial dilemma may be handled through a bankruptcy or debt settlement action. 

What is debt settlement?

Debt settlement is also known as debt negotiation, debt arbitration, or credit settlement. In this method of handling overwhelming debt, you and your creditors will reach an agreement on a reduced balance that will be considered a payment in full. Debt settlement is not the same as debt consolidation. In a debt settlement arrangement, you will make monthly payments which will be put into a trust account where it will remain and build up into a lump sum payment. Your payments will accrue there until your creditors decide to settle on a reduced balance. Generally, you will be instructed not to pay your creditors anything else until a debt reduction has been agreed upon between you and the creditor. This is done because as long as you continue to pay creditors a minimum balance, they will not negotiate a reduced settlement balance.

Once the negotiation with your creditors is complete, they will receive a lump sum payment which is a reduction of the total of what you owe them. This lump sum payment will settle the debt. Generally, only unsecured debts, such as credit card balances or medical or dental bills, can be settled in this way.

If you are interested in pursuing a debt settlement arrangement, the Baltimore debt settlement attorney at the firm can work with your creditors to reach a reduced balance agreement. The firm has decades of experience in assisting clients in all types of debt relief.

Contact a Baltimore Debt Settlement Lawyer at the firm today if you are facing overwhelming debt.