Non-Bankruptcy Alternatives

Workouts / Settlements

In certain circumstances, neither a Chapter 7 nor a Chapter 13 bankruptcy are appropriate. In those circumstances, we can negotiate and settle unsecured debt for a lump sum percentage. Debt Settlement is not the same as Consumer Credit Counseling or Debt Consolidation. Any person owing credit card debt, or any other debt, has the legal right to contact and negotiate with the creditors. However, not everyone has the skills necessary to obtain the maximum benefits.

On average, we reduce your current unsecured debt balances 40-60% by negotiating an agreed settlement amount with your creditors. Possible resources for funding the lump sum settlements include either refinancing your existing loan or making monthly installments into a client trust account.

Offers In Compromise (To Settle Income Tax Debt)

An offer in compromise is an agreement between an individual and the IRS (or the state taxing authority) that resolves the taxpayer's tax debt. The IRS has the authority to settle, or "compromise," federal tax liabilities by accepting less than full payment under certain circumstances. A tax debt can be legally compromised for one of the following reasons:

Doubt as to Liability - Doubt exists that the assessed tax is correct.
Doubt as to Collectibility - Doubt exists that you could ever pay the full amount of tax owed.
Effective Tax Administration - There is no doubt the tax is correct, and no doubt that the amount owed could be collected, but an exceptional circumstance exists that allows the IRS to consider a taxpayer's Offer In Compromise. To be eligible for a compromise on this basis, the taxpayer must demonstrate that collection of the tax would create an economic hardship or would be unfair and inequitable.

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