Debt settlement is the process of re-negotiating your existing debt to make your monthly payments more affordable. This is often a good alternative to bankruptcy.  Debt settlement is different from bankruptcy, because the lenders are not legally forced into repayment plan, where bankruptcy can either eliminate the debt (Chapter 7) or the court will force a repayment plan (Chapter 13).

Debt Settlement is a great option for both personal debt or business debt, because a mitigation expert is able to contact all types of lenders.

Many states have different laws regarding professionals providing debt settlement services, but in all cases, you should only be paying for services as  you receive them. In other words, don’t pay for debt settlement services up-front. You should be paying a percentage of the total amount as the debt is settled with the lender.