If you are trapped beneath a mountain of debt and are looking for an alternative to Bankruptcy, you may want to consider the idea of debt settlement. As the name implies, Ohio debt settlement is the act of paying a certain portion of your debt to your creditors in exchange for the debt being discharged or marked as paid on your credit report. While your record may still show that there were late payments, new creditors will see that the debt has been paid and is no longer being collected, which works in your favor.
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When considering Ohio debt settlement, you will realize that you have three options. You can negotiate the debts yourself, use a debt negotiation company, or hire an Ohio attorney whose practice focuses on these sorts of issues. Let's take a look at these three options.
Negotiating on your own is by far the least expensive option available to you in terms of initial cost. All consumers are free to call their creditors and offer to negotiate a settlement. If your creditor feels that you will not pay the debt otherwise and that you are not sitting atop a large pile of assets, they may be willing to negotiate. While you hold the upper hand in this scenario, these collectors are trained at forcing you to pay the most money possible in one lump sum. In Ohio, ORC(Ohio Revised Code) 4710.03(C) empowers debtors to negotiate new terms with creditors when circumstances warrant.
You can also select a debt settlement company. Unfortunately, these companies charge exorbitant amounts of money and less than two percent of clients ever finish the process. In most cases the company will also charge their own fees on top of the settlement offer from creditors, meaning that you have to pay back even more than you owe in many cases. The FTC and the Ohio Attorney General is working hard to regulate these businesses, but they consistently find ways around the Ohio Revised Code despite providing little to no benefit to Ohioans. Ohio settlement companies are highly regulated; the Ohio Revised Code Sec. 4710 lays out clear boundaries what they can claim, and how they can go about helping debtors--if they go about it at all. A quick glance at ORC 4710.02 B(1) would shock most folks dealing with debt "settlement" outfits--many settlement mills are in serious violation of Ohio law from the very beginning of their relationships with the debtor.
Your last option is to hire a Bankruptcy attorney. This is likely to be the best option. An excellent idea is simply to consult with an attorney focusing on debtor's issues to discuss what the best course for you may be. If your attorney thinks you can reach a fair settlement, negotiations can begin and complete quickly; your debt may even be negotiated to be marked as paid in full. If you lack the money needed to make lump sum payments, your attorney may also advise you on how to file for Bankruptcy protection under the Federal law and the Ohio Revised Code.
Ohio debt settlement is possible. Protecting your credit is very important, and hiring a professional is likely your best bet. Don't stay trapped under your debts any longer, choose a professional who can negotiate what you owe or file the proper paperwork with Ohio or federal authorities to get your debts cleared up right away.
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