An alternative to bankruptcy is to settle your debt.  There are government agencies that allow you to settle your debt for a smaller amount than the amount you owe.  This settlement protects your assets and allows you to pay less than the total amount owed on a loan.

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Some government agencies that debts to be settlement for less than the full amount include the Internal Revenue Service (IRS), Small Business Administration (SBA), and the United States Department of Agriculture (USDA).

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The compromise amount can be paid in one one lump-sum payment or in installments.  Our attorney has seen instances of debts settled for amounts up to 90% less than the initial loan disbursement amount.  

 

Each offer in compromise is unique to the borrower's situation.  To determine whether an offer in compromise is an option for your debt, speak with our attorney.

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