Torrance Personal Loan Debt Settlement Lawyer
Personal loans were meant to provide financial breathing room, but for many, they have become an overwhelming burden. What started as a solution for consolidating debt has transformed into a seemingly inescapable cycle of payments and interest charges. If you find yourself struggling to keep up with personal loan payments, missing due dates, and watching interest and fees accumulate, you are not alone.
At Wadhwani & Shanfeld, our experienced debt settlement lawyers in Torrance understand the challenges you face. We specialize in negotiating with lenders to reduce or eliminate personal loan balances, offering you a fresh start. Our Board-Certified bankruptcy experts also guide clients through the bankruptcy process when necessary, ensuring your rights are protected. Don’t let personal loan debt control your life any longer. Contact our Torrance personal loan debt settlement lawyers for a confidential consultation to explore your options for regaining financial freedom.
Discharging Personal Loans in Bankruptcy
Personal loans are often unsecured, meaning there is no collateral for the lender to seize if you cannot make payments. This allows for the possibility of discharging or eliminating personal loan debt through bankruptcy. In a Chapter 7 bankruptcy, eligible unsecured debts like personal loans can be completely discharged, providing a fresh financial start. With a Chapter 13 bankruptcy, a repayment plan is established over 3-5 years to pay back a portion of eligible debts, including personal loans. Any remaining balances are then discharged.
Bankruptcy may seem daunting, but it can offer much-needed relief from overwhelming personal loan balances you cannot reasonably repay. Our experienced attorneys in Torrance will carefully evaluate your financial picture to determine if Chapter 7, Chapter 13, or an alternative like debt settlement is the ideal path forward. We prioritize finding the debt resolution strategy to help you achieve the fresh start you need while protecting your rights and future interests.
Settling Personal Loans for Less Than What is Owed
Lenders understand that receiving some payment is better than none at all, which can motivate them to accept a debt settlement. In a settlement, the borrower and lender agree on a lump sum amount that is less than the full balance owed. Once paid, the remaining debt is forgiven.
Our skilled negotiators leverage bankruptcy as a tool to push for favorable personal loan settlements you can realistically afford. Even if the lender has filed a suit, we can respond and pursue a settlement agreement to resolve the matter outside court. Should the lender refuse to negotiate in good faith, bankruptcy may provide the reset needed.
Don’t let personal loan debt in Torrance overwhelm you when solutions exist. We analyze your full financial situation to determine if a settlement could help you move forward unburdened by unmanageable debt. Our goal is to deliver the most advantageous outcome tailored to your unique circumstances.
Talk To a Torrance Personal Loan Debt Settlement Lawyer
You don’t have to feel powerless against personal loan debt. With the right legal strategy, you can resolve this burden on terms you can manage. Our Torrance personal loan debt settlement lawyers provide the knowledgeable guidance and advocacy you need to regain control. Contact us today for a confidential consultation towards a debt-free future.
