Many Americans are Still Drowning in Debt; Debt Settlement Can Be the Best Option For Some People to Get Back on Track

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If Consumers Have to Choose Debt Settlement, It’s Best to Have a Lawyer Help Helping to Negotiate With The Credit Card Companies

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Many consumers feel that they don’t have choices when it comes to managing their debts

Drowning in debt? Persels & Associates knows that debt settlement is not an easy way out. But those in struggling with the burden of unpaid bills know there is no easy way out and no magic solution. But there are steps consumers can take to become educated and informed and make the process of getting out of debt easier.

Persels & Associates, a national law firm with attorneys in 47 states, developed a ground breaking approach to helping people manage their debt. Persels & Associates and its predecessors have been working with consumers to restructure debt payments for over 10 years. The law firm bridges the "gap" that can exist between the consumers and creditors. The firm’s ability to provide legal advice and negotiate payments consumers can afford can be essential to people working their way out of debt.

For a small initial set-up fee and an administrative fee of $50 per month, Persels & Associates lawyers will represent consumers with the goal of negotiating affordable settlements with their creditors. Persels & Associates will also assist the consumer if legal issues arise during the course of the representation Only when the firm has been successful in negotiating a compromise the client can afford will it take its fee as a percentage of the savings realized by the effort.

“Many consumers feel that they don’t have choices when it comes to managing their debts,” said Joe Cosentini, spokesman for Persels & Associates. “This contingency-fee based fee structure gives people the options they’re looking for and can afford. It’s the first of its kind.”

But how do consumers begin the process of getting out of debt? Where do they start? First consumers should evaluate all the debt programs and choose a program based on their needs, their level of debt and what they can afford to pay back.

Most consumers first look to a debt management plan or consumer counseling program. A debt management plan or a consumer counseling service is offered by a credit counseling agency or an online debt management company when consumers need more than simple budgeting to help pay off bills. The company negotiates with creditors or collection agency in order to help consumers get lower rates, reducing monthly payments.

“Debt management plans only work when consumers have the money to pay the debt,” said Cosentini. “In this scenario the consumers just need more time. This is not feasible for every consumer.”

Consumers who can’t work within the framework of a debt management plan often choose debt settlement, where the credit card company agrees to take a portion of the balance of the unpaid bill. Debt settlement is a solution for consumers who are in deep in debt and seeking an alternative to bankruptcy.

Persels & Associates has a unique approach to debt settlement. Persels & Associates is a law firm and operates under a contingency fee program. The law firm does not collect the majority of fees until after a settlement has been negotiated. Therefore Persels & Associates clients are able to build up their escrow account balances quickly. This allows Persels to begin negotiating with creditors immediately (unlike the debt settlement companies who ask for large upfront fees). Persels uses a customized and intelligent settlement platform that alerts us as to the best time and dollar amount to settle for working to provide the best solution for each client.

P&A offers settlements that suit individual client situations, with standard terms for Debt Representation of 36, 48, or 60 months long. Persels also offers a customized term for clients who require a more personalized payment option. Our goal is to find the right term for each client, so that they can achieve success in their debt representation.

Debt settlement is not an option for all clients and some have to seek the protection of bankruptcy. The bankruptcy lawyers at Persels and Associates are committed to helping people file for bankruptcy, creating a new opportunity in life and a clean slate for the future, without the weight of preexisting debt.

Filing for bankruptcy no longer has a negative stigma. Persels understands the needs and circumstances of those who are unfortunately in debt. We are here to tell you that you are not alone- the recent and ongoing economic crisis has left many individuals in debt. The Federal Reserve reported that the revolving debt has reached a record high of $943.5 billion. For many Americans living during this economic recession, debt is an inevitable path.

The lawyers at Persels and Associates for Persels & Associates, LLC’s Bankruptcy Practice , "The underlying goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial fresh start from burdensome debts and the lawyers at Persels and Associates are dedicated to getting you the fresh start that you deserve".

Whatever the circumstances, being debt is stressful and getting out can be a confusing process. Persels has developed tools and resources to help consumers become empowered and informed as they navigate their wasy out of debt.

“If you’re going to negotiate with a credit card company, or weigh whether or not you should declare bankruptcy, you are going to want to rely on the services of a lawyer,” Cosentini said. “These are important decisions and consumers should make them after weighing all the facts and looking at all the options.”
About Persels & Associates

Persels & Associates, LLC and its predecessors are pioneers in the field of offering "unbundled" legal services to individuals who cannot afford traditional legal services. As Americans credit debt rose, Persels & Associates bridged the "gap" between consumers and their debtors. Today Persels & Associates employs over 150 lawyers in the 47 states and has 25 central office staff attorneys with 50,000 clients. For more information visit


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Karen McGagh
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