Frequently Asked Questions

FAQs

How are you able to get creditors to take less money?

Our law firm has gained knowledge and relationships by working with creditors every day. We use the facts and legal defenses available to convince creditors that it’s in their best interest to settle for less.

How much should I expect to save with Debt Settlement?

Results vary. We are typically able to achieve a plan with creditors to settle our clients’ debts for 55-60 cents on the dollar. Our firm is determined to achieve the best settlement possible when dealing with creditors.

How much does your law firm charge for Debt Settlement?

You will be charged a flat fee as a percentage of the total debt enrolled. We do not charge by the hour, like other firms. This fee will not be charged until a settlement arrangement has been made. Our fees are very reasonable.

Why shouldn’t I just do this myself?

You can 100% do debt settlement own your own; just like filing your taxes, mowing your lawn, cleaning your pool, etc. When you hire a law firm that specializes in debt settlement, they use all their years of experience to negotiate the best settlement possible. The likelihood of a successful settlement is higher when you have legal professional by your side with years of experience.

Can I be sued by my creditors?

Yes, it is possible to be sued by a creditor. If you receive a summons or any other legal document from any of your creditors, it’s very important you notify us right away. While we are not able to stop a creditor from suing you, we will do everything we can to expedite a settlement and provide you with affordable options to fight back.

How long does the program take?

On average it takes anywhere between 24-48 months to resolve your debt with Paramount Law. However, it depends on your ability to save the funds that will satisfy what is needed to settle the enrolled debt.

What types of debt can Paramount Law help with?

Paramount Law can assist mainly with most credit cards, department store cards, medical bills, auto repossessions, private student loans, and any other unsecured debt. We cannot assist with any collateralized debts such as mortgages, active automobile loans, and federal student loans.

Are there any tax consequences for debt settlement?

The IRS rules creditors are allowed to report settled debts exceeding $600 as a loss. In this event the settlement must be reported by you as income. There may be ways for this tax liability to be alleviated. You should consult with your tax preparer for specific advice on the tax consequences of forgiven debt and how it applies to your financial situation.

Who is a good candidate for debt settlement?

Debt settlement is designed for anyone dealing with a financial hardship who may be falling behind or having problems making minimum payments to creditors on their unsecured debts. You must have a minimum of $7,500 in total unsecured debt to enroll with Paramount Law.

Do monthly payments get sent to my creditors while I’m enrolled in Paramount Law’s program?

No, we do not make monthly payments to your creditors in the debt settlement program. Instead, Paramount Law will negotiate down the balance on your unsecured debts and make a settlement arrangement plan with your creditors to resolve the debt.

Did not find your answer?

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A professional is available 24/7 at Paramount Law. We know financial matters are very personal and can take control of your mind at the darkest hours. We will stand by your side at any time. We’re ALWAYS available for YOU.

Consultations are FREE of Charge

You may arrange a free consultation with a licensed attorney at Paramount Law. When you Get Started, we can immediately schedule a time for you to connect with a Paramount Law professional, at a time that works best for you. We will provide you with a financial evaluation with ZERO obligations.

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8383 Wilshire Blvd Suite 800
Beverly Hills, CA 90211
(888) 575-4756
United States of America
(By Appointment Only)

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PAID ATTORNEY ADVERTISEMENT.

This website is an advertisement.

Progress Law LLC is a law firm, is not affiliated with any governmental agency, quasi-governmental agency, or charitable organization. The law firm and its attorneys are designated as a Debt Relief Agency. It is not a lawyer referral service or prepaid legal services plan. The attorney responsible for the content of this site is Lisa Owings, with an address of 491 Brown Street Akron, OH 44311.

No statements on this website are intended to state, imply, or suggest or convey any guarantee, warranty, or prediction regarding the outcome of any legal matter. The information on this website is not legal advice and does not take the place of consulting with a lawyer. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. Photographs do not depict actual clients or attorneys.

Nothing in this website is to be construed as an offer for legal services. Legal services are only offered once a Progress Law LLC attorney has reviewed the specific facts of a case, indicates a willingness to accept a representation, and signs a written legal services agreement. Services are not offered in all states.

THIS IS AN ADVERTISEMENT. Hiring a lawyer is an important process that should not be based solely on any advertisement. Anyone considering a lawyer should independently investigate the lawyer’s credentials and ability and should not rely upon advertisements or self-proclaimed expertise.

Read and understand all materials prior to enrollment. Our representation is not suitable for everyone, and some are or will be unable to successfully complete our settlement program. We do not assume your debts, make monthly payments to creditors, or provide tax, bankruptcy, accounting, or legal advice or credit repair services. Please contact a tax professional to discuss potential tax consequences of any debt resolution.

Stated results are illustrative only and not typical of the results you should expect. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time and your results will likely vary.