The debt settlement process may last anywhere between 12 to 60 months, depending on the client’s level of debt. ADRN has established relationships with many credit collections companies, and for many types of accounts a streamlined process is implemented to get you on the fast track to financial recovery. During the process of debt settlement, a credit card may occasionally elect to file suit against you. The advantage of using ADRN is that your attorney will be ready on hand to head to court and contest the suit, thereby allowing the debt settlement process to run its course.

Part of our debt settlement process, and of hiring an attorney, is alerting your creditors and their collections agencies that they are to cease and desist from contacting you directly, either at home or at work, and to communicate only with us acting on your behalf. Many clients find that having such a buffer between themselves and aggressive collectors allows them to reclaim some sense of independence and control over their financial affairs, while ADRN works diligently to settle the account once and for all. Creditors also have an incentive to settle with us quickly: since we are a full-service bankruptcy and debt relief law firm they know they have the opportunity to recover at least a percentage of funds that would be otherwise entirely lost in the bankruptcy process. Below are a few important points to know about debt settlement with ADRN:

• The typical debt settlement client is debt free within an average of 12 to 60 months, after which he is able to begin rebuilding and reestablishing a good credit history again.
• Your credit report will reflect settled accounts as “settled” rather than “paid in full,” unless otherwise agreed to by creditors. In the vast majority of cases, accounts listed as “settled” will no longer be subject to collections or lawsuits attempts, and the client will not be hassled by debt collectors seeking to collect on the account.
• On average, debts can be settled for substantially less than is owed on them; many ADRN clients end up settling for 40-60% of what was originally owed.
• Almost all types of unsecured debt can be enrolled in debt settlement: medical bills, credit cards, and store charge accounts being the most common. Secured debt- such as a home mortgage or car loan- will be ineligible for debt settlement.
• ADRN works hard to get a quick resolution of your accounts, but your credit history can be adversely affected until the debt settlement payments are actually agreed upon and made. While we work hard to settle your accounts, your credit score may earn negative marks in the short-term.
• In some instances, you may be obligated to pay taxes on forgiven debt over $600. ADRN recommends consulting with an accountant or other tax professional for tax advice.
• Most importantly, once your accounts have been settled, you can finally commit the money formerly used to service your debt to building lasting financial independence and freedom.