Debt Settlement

Credit card debt settlement can reduce your unsecured debt by up to 70%.

Unlike so-called “Debt Settlement Companies,” Bankruptcy Law Firms and Credit Counseling Agencies, DESROCHERS & ASSOCIATES, LLP does not try to fit you into the one program they offer (regardless of whether it’s in your best interest). Instead, DESROCHERS & ASSOCIATES, LLP will let you know the advantages and disadvantages of each approach, and let you make the decision.


If you have no income, (or only income that creditors can’t touch, such as Social Security) no property to lose, and do not mind continuing calls from creditors, then DOING NOTHING may be the option for you. (We don’t make any money if you choose this option – but if this is in your best interest, we’ll let you know.)

If you qualify for a Chapter 7, you can “discharge” (effectively eliminate) most of your debts without having to repay anything. Not everyone qualifies for a Chapter 7. Under the new bankruptcy law, all debtors must take a “means test.” The bottom line is that if your income is above the average for your state, OR if you can afford to pay more than $100 per month to your creditors after all of your reasonable expenses are taken into consideration, then you will probably not be allowed to file a Chapter 7. Regardless of whether they qualify, many people want to avoid a bankruptcy for their own personal reasons.

Chapter 13 Bankruptcy is a solution wherein you make monthly payments to a court appointed trustee for a period of 3 years if your income is below the state median, or 5 years if it is above the state median. The amount you pay is as much as you can afford to pay – meaning that your reasonable living expenses are subtracted from your income, and everything left over goes to the trustee. A Chapter 13 may be your best option if:

* you owe large tax debts that cannot be eliminated by a Chapter 7 and you want to stop the interest and penalties by forcing the IRS to take a payment plan
* you own real estate that is being foreclosed on
* you don’t qualify for a Chapter 7 and you want to stop lawsuits against you


Debt Settlement is for those who can afford to pay something toward their debts but cannot afford the entire amount; and for those who do not qualify for a Chapter 7 but do not want the hassle of a Chapter 13.

If you are current with your monthly payments or just barely behind, a Debt Management Plan may reduce the current interest rate on your outstanding debts, reducing you monthly payment and allowing you to pay off your balance over a much shorter time period.

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