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Law Offices of Carol M. Galloway, P.A. Jacksonville Bankruptcy Lawyer
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Orlando Debt Settlement Lawyer

Financial frauds are extremely subtle and extremely common. In February 2020, Wells Fargo paid a $3 billion fine over these kinds of practices. Additionally, financial frauds are embarrassing for companies. A single incident could ruin years of goodwill campaigns. Therefore, many consumer debts, especially complex ones like credit card agreements, are fraudulent, at least to some extent. Additionally, many firms do almost anything to keep these incidents off of social media accounts and out of the headlines.

This environment gives the Orlando debt settlement lawyer at the Law Offices of Carol M. Galloway excellent leverage in these situations. And, a little leverage is all we need to obtain life-changing results. Inside or outside of bankruptcy, most creditors are willing to make deals. These arrangements often include more favorable repayment terms, like late payment deferral or a lower interest rate. More substantive relief, like partial or total UPB (unpaid principal balance) forgiveness, is also available.

Non-Bankruptcy Negotiations

Consumers don’t need to file bankruptcy to get an Orlando debt settlement lawyer on their side. Our negotiation tactics begin with a thorough consultation, so we understand your needs and goals in a particular situation. Then, we go over all debtor-creditor agreements with a fine-tooth comb, looking for any evidence of possible fraud. As hinted above, almost every such agreement includes at least one possibly fraudulent provision.

Then, and only then, do we begin debt settlement negotiations. Since no court case is pending, an attorney need not “prove” fraud. Instead, a lawyer must only point out the possibility of fraud. Likewise, consumers need not file bankruptcy in these situations. Sometimes, the possibility of bankruptcy is more effective than legal bankruptcy paperwork.

Bankruptcy Negotiations

Formal bankruptcy negotiations are often more effective than informal non-bankruptcy negotiations. Generally, if the parties dispute any debt in any way, the bankruptcy judge refers the matter to mediation.

During these talks, which a third-party mediator supervises, both sides have a duty to negotiate in good faith.

Frequently, banks make low-ball offers during settlement negotiations. As a result, the talks are more time-consuming. Lawyers must reject these initial offers before the bank finally offers something meaningful. A low-ball offer is not a good faith negotiation position. If the bank insists on making such an offer, the mediator will tell the judge, who will be very unhappy.

The good faith negotiation duty also includes a requirement to compromise, if necessary, to reach an agreement. “My way or the highway” is not a good faith negotiation position. Because of this requirement, attorneys must know when to compromise in order to settle a dispute and when to dig in their heels. A lapse in either area could mean the wrath of a judge or a less-than-ideal settlement agreement.

Mediation is usually available in both major kinds of consumer bankruptcy. Chapter 7 discharges most unsecured debts in less than a year. Chapter 13 gives consumers up to sixty months to catch up on past-due secured debt payments.

Both kinds of bankruptcy include an Automatic Stay which prohibits most adverse creditor actions. Basically, since creditors have no bullets in their guns, they’re usually more willing to cut a favorable deal.

Rely on an Experienced Orlando Debt Settlement Attorney

Bankruptcy offers distressed debtors a way out. For a free consultation with an experienced Orlando debt settlement lawyer, contact the Law Offices of Carol M. Galloway, P.A. We routinely handle these matters throughout the Sunshine State.

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