Forensic Mitigation FAQ
Forensic Mitigation FAQ
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What is Debt Settlement?
What is Attorney Forensic Mitigation?
What are the Big Issues with Forensic Mitigation?
What Happens if I get Sued in the Middle of Forensic Mitigation?
Can I have my Creditors Call Valor Law Group, P.C.?
I Don’t have Enough Right Now for Forensic Mitigation. What can I do?
How Much Money do I have to bring to the table?
How Much does Forensic Mitigation Cost?
What happens if not all of my Debts can be Settled?
How does Attorney Forensic Mitigation affect my Credit?
Forensic Mitigation vs. Bankruptcy?
How much can I Settle my debt for?
How long does it take to Settle my Debts?
What is Debt Settlement?
Debt Settlement is the process of the settling of debts for a specified amount, that is generally lower than the principal balance, either to be paid in one lump sum or a short series of installments. Debt Settlement is different from debt consolidation.
What is Forensic Mitigation?
The basics are the same as debt settlement, however with Forensic Mitigation the client gets the benefit of attorney oversight throughout the process, and all of the extra benefits that come with having and attorney on board. Forensic Mitigation may provide the client with more comprehensive assistance in legal matters such as pre-bankruptcy planning, litigation assistance or negotiations, in addition to bringing the clout and experience that only licensed attorney oversight can offer.
What are the Big Issues with Forensic Mitigation?
It is important to note that forensic mitigation, like all debt relief options has its risks. Like normal debt settlement, creditors can sue you at anytime for breach of contract on the unsecured debt you may owe. One of the advantages of having an attorney providing forensic mitigation, rather than a company, is that they will be able to represent you should it come to a lawsuit. This is rare, however, as most creditors would rather settle the debt than pay expensive court fees.
Taxes can also be an issue. The forgiven amount in a settlement through forensic mitigation can be reported to the IRS as taxable income. Again, having an attorney who understands how this works can be extremely helpful.
What happens if I get sued in the middle of the Forensic Mitigation process?
Contact Valor Law Group. We will provide you with legal counsel and help you figure out what your options are. This is another advantage of working with a law firm, rather than a private debt settlement company. Should it come to it, we can also make ourselves available act as your attorney in court.
Can I have my Creditors Call Valor Law Group, P.C.?
Yes. In fact it often works to your advantage to do so. The fair collections act allows you to ask that creditors go though your lawyer. Creditors are more likely to negotiate with a law firm anyway, and it can be a huge relief for you.
How do I Pay for Forensic Mitigation
Most people do not have enough cash up front to settle their debt. That is why we help you set up a series of regular payments that will allow the money to accrue. You will be able to track this amount and watch as we use it to settle each of your debts.
The amount needed varies depending on your debt. We will be able to determine that amount for you over the phone when you speak with one of our consultants.
How Much does Forensic Mitigation Cost?
We charge a competitive legal fee that can vary from client to client, depending on their situation. Unlike other debt settlement companies or law firms that may charge you an upfront fee, or an hourly rate, we generally charge a flat legal fee (payable over a set period of time) and a file management fee related to the amount of clerical work we put into a file each month. These fees will be carefully explained to you and included in the total cost during your consultation.
What happens if some of my Debts can’t be Settled?
This is an inherent risk of Forensic Mitigation, and is something we are careful to explain to our clients. The worst thing that can happen is that we settle all of your debts and you have one obstinate creditor who will not settle. If that is the case we will need to assess your other options such as bankruptcy, payment, or possibly defending the creditor’s claim that you owe the debt at all.
How does Attorney Forensic Mitigation affect my Credit?
This varies case by case. Often your credit report will show that the debt was settled for less than the amount owed, which will harm your credit. As a general rule however, once your debt-to-credit ratio evens out, your credit should begin to show improvement.
Forensic Mitigation or Bankruptcy?
The short answer is, it depends. It is really impossible to say without all of the specifics of an individual situation. The best thing to do is educate yourself on both options and examine your situation closely. This is something we would be glad to help with in our initial consultations.
In any event, rest assured that Valor Law Group will be there to assist you in discovering your best option, and then carrying it out.
How much can I settle my debt for?
While there is no way to guarantee a settlement we find that we are able to settle between 35-65 percent the amount owed. This can vary depending on the a large number of factors involved in your individual case.
Something to keep in mind is that it is impossible to guarantee a specific number, so you should be cautious of any service telling you otherwise.
How long does it take to Settle my Debts?
This depends on the age of the debt, amount, any imminent existing lawsuits and a number of other factors. Our goal is to get you out of debt as quickly as possible, and we will help you design a program to do just that.