Kansas City, Missouri, Debt Negotiations Lawyer

It’s More Than Just Talking Your Way Out of Debt

Usually, debt negotiation is an all or nothing deal. If you are tens or even hundreds of thousands of dollars in debt or if you owe a substantial amount to more than just a few creditors, debt negotiation may not be the right option for you. Debt negotiation can also be a lot of tedious work without the help of an experienced lawyer.

My name is Doug Breyfogle. I am a licensed attorney based in Kansas City. I help people in Missouri and Kansas pursue real debt relief. If you have good legal representation and can afford to pay approximately 50 percent of what you owe to your creditors, you may be in a good position to pursue effective debt negotiation. Contact me today to learn more in a free initial consultation.

The Dangers of Debt Negotiation Without Experienced Legal Guidance

There are some potential downsides and hidden pitfalls in debt negotiation. First of all, any negotiated debt forgiveness may be taxable by the IRS. You need to make sure to hold some money back to pay tax on the “income” you receive when your debts are forgiven.

You should always be extremely careful where the money to repay your debts comes from. It is almost always a terrible idea to raid your Individual Retirement Account (IRA) or 401k to pay your debts. Doing so may have serious tax consequences. A good rule of thumb is never touch your retirement to pay off debt.

Another important thing to remember is that there are scam artists everywhere, especially on the Internet, who want nothing more than to scare you into sending them your money. They may promise to negotiate a debt repayment plan or debt forgiveness plan for you. Often times, you wind up paying them thousands and thousands of dollars before they do a thing. Even then, the chances are good that nothing will come of it.

You are much better off discussing your situation with an experienced lawyer who can help you explore all your options for getting out from under overwhelming debt. Whether through negotiated debt reduction, Chapter 7 or Chapter 13 bankruptcy or the many other alternatives available today, I can help.

Contact Me Today for a Free Consultation

For more information or to receive a professional evaluation of your case, please call my Kansas City office at 913-742-8700. You can also contact me by e-mail now for answers to your important questions or to schedule an appointment.