"I do not want to file a Bankruptcy, can't I just negotiate my debt?"

That is a good question.  During a consultation I can only answer that after reviewing all your Income, debts and assets.
-Bottom line is, if you have a lot of creditors to negotiate with, you risk settling with some of them and then get caught holding the bag with a few at the end.  Remember Musical Chairs or the Ed Sullivan show with the spinning plates?  It is kind of similar.
-If you do negotiate, usually a lump sum is what the creditor would prefer.
-It is important to know how it will be reported on your credit reports, Satisfied in full?  Partially paid?
-There is also debt forgiveness taxable as incometo investigate.  Many people are not aware of this.  Check with your accountant before settling debt.
To read more –

1099-C surprise: Canceled debt often taxable as income


Sherry Ellis Law, PLLC