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About the service


In the current economy, a lot of genuine, upstanding people are facing a tough financial situation. Bankruptcy is a solution that works for others, but for those finding a way out of crushing debt, it isn't the best solution. Paying off current accounts can mean paying off the debt and the continued high interest paid for years or even decades, even without incurring new debt.

If you are seeking to wipe off or reduce debt and looking for someone to handle your banking and financial matters, it starts with a consultation with our experts.  Our debt settlement lawyers at Cardenas Islam Law Group offer consultations for individuals looking for workable solutions. We are a leading law firm in the New York bank and finance market, able to provide value on complicated financing transactions and also assist clients on debt settlement matters.

Understanding Debt Settlement

In New York and across the United States, debt settlement is a popular debt relief option. For individuals or companies who try to pay their debts but are having difficulty doing so, it may offer much-needed relief.

Debt settlement entails negotiating interest reduction, reducing the total debt owed, or otherwise giving a debtor instant relief, which would then allow payment of the debt, as opposed to the default. If this means that they'll be paid on time, creditors also choose to settle for a lower sum.

Choosing a Debt Settlement Law Firm over a Debt Settlement Company

In New York, there are several debt settlement companies, but none of them give the protection of professional legal assistance. The key issue behind choosing a debt settlement company is that a lawsuit against you will still be brought by your creditor. All the while, you continue to collect your late fees and interest. There's no assurance that a debt settlement company will negotiate with the creditors effectively. In compliance with what you are legally entitled to, our debt settlement attorneys will make all efforts to remove your debt or restructure your payments. The expertise and track record on these issues show that Cardenas Islam Law Group debt settlement lawyers are definitely your best choice for debt settlement in New York.

Debt settlement firms also do not have counsel willing to support you in those cases. To participate in the program, you will also likely have to pay high fees, find out what your overall costs are and who receives your money. Make sure that you figure out who is responsible for saving your money in the program-some require you to give the company or a third party monthly payments, while others require you to open your own bank account simply. And you can owe income taxes on the amount of "forgiven" debt even though you save substantial sums in the program.

Debt settlement would offer debt relief with the support of an attorney who promises fast results to get you out of debt. You avoid paying your creditors entirely in a debt settlement and save the recurring payments you have made in a savings account. We can contact your lender (Bank or Individual) once you have saved ample funds and arrange a lump sum payout of your debt, often for a substantially reduced amount.

Debt Settlement Benefits

  • Avoiding Bankruptcy
  • Debt reduction
  • Abolishing or minimizing interest
  • Reduced monthly payments
  • Better credit rating

What should I do if a lawsuit is filed by the creditor?

Although creditors are in majority of the cases prepared to settle your debts, a lawsuit is often filed by some of them. To place pressure on the debtor, creditors usually do this. This strategy of the creditor doesn't fit with the Cardenas Islam Law Group. While you may want to avoid litigation, our attorney will take prompt and reasonable action to protect you if a credit card company or bank tries to sue. When you have an attorney with a debt negotiation and settlement attorney on your side, you would have a better position to handle the creditors.

Hiring a New York Debt Settlement Attorney

It is difficult to determine how best to obtain a debt settlement, and it is important to get legal advice to ensure that you make the best decision. Our lawyers at Cardenas Islam Law Group will help you determine how best to negotiate a debt settlement and can try to reach an agreement that works for you with your lender. We're here to help you make the process as simple and straightforward as possible through your legal matters and beyond.