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What is the difference between debt settlement and bankruptcy?

While bankruptcy is an option to deal with debt, it can have the most 7 to 10 year negative effect on your credit report. Debt settlement can still impact your credit due to delinquencies and settling for a portion of the full balance, but it is far less than the long-term impact of bankruptcy. With a Chapter 11 (which has only approximately a 10% success rate), you often end paying the full amount since the debts are set over a 5 year period.

What types of debt qualify for debt settlement?

Our debt settlement program can help to settle a wide variety of debt problems, but not all debts will qualify for settlement. Merchant Cash Advances, Business Credit Cards, Vendor Debt, Business Loans Most debts are categorized as either secured or unsecured debt. Unsecured debt often takes up a significant portion of a business’s overall debt. The good news is that it can be resolved as part of a debt settlement program. If the debt is based on collateral such as a truck, house or piece of property; it is considered a secured debt. Specific examples of secured debt include a mortgage, truck loan or equipment financing. Unfortunately, this type of debt cannot be settled because the creditor can simply relinquish the asset in order to recover the funds. Once the collateral is recovered, a creditor will look to recover any deficiency, which we can settle.

What happens if a creditor files a lawsuit?

Shore Financial Soluitons has an Attorney Network of 500+ local attorneys that handle all legal motions, as well as aid in the negotiations of your debts.

How do I know that debt settlement will work for my situation?

The first qualifying factor is that you are falling behind on credit payments, most often caused by a financial hardship or unexpected event. Debt settlement is meant for when you are unable to pay creditors in full and also those who are looking for an alternative to bankruptcy. In some situations creditors or their attorneys will not negotiate a reduction. In these cases we negotiate a payout plan within your budget.

Where will my money be held during the settlement process?

While you are contributing to your debt settlement program, your money will be deposited into a third-party account that you have full control over. It will be securely held at an FDIC insured bank. Your money in reserve will be used to pay your creditors, either in lump sum after you’ve accumulated enough to do so, or paid monthly, in a structured payment plan.

Why choose Shore Financial Solutions? Why not just call the creditors myself?

Calling the creditors yourself can be time consuming and stressful. Shore Financial Solutions has years of experience in debt settlements. Our program providers have long-standing relationships with MCA companies, collections companies, and law offices. With that said, you can trust that with our program you will get the best possible settlement – while you can focus on growing your business!

Am I able to choose which accounts are included in the debt settlement?

Yes! Absolutely, it is completely your decision which debts you would like to resolve.