Ariano & Associates | Phoenix, AZ Bankruptcy Attorney
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Ariano & Associates

Bankruptcy
Phoenix, Arizona, 85014

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About Ariano & Associates

Phoenix Debt Settlement Lawyers

Debt settlement is the process of negotiating with each creditor in an attempt to reach an agreement whereby the creditor accepts a lesser amount than what is owed in satisfaction of the debt. A variety of debt may be settled including credit card debt, medical debt, mortgage and HELOC debt, SBA loans, business debt, personal loans, and more. 

To participate in debt settlement, you need a lump sum of money or the ability to build up enough funds over a set amount of time. Either a large lump sum payment is made or monthly payments are made to a third party trust account of which a portion is taken as fees. 

The benefits to the borrower of a successful debt settlement plan include paying a lesser amount than what is owed and avoiding the consequences of filing bankruptcy. Creditors normally participate in debt settlement because they would prefer to get something from the borrower rather than nothing, for example, if the borrower were to file bankruptcy. Furthermore, debt settlement allows the creditor to regain faith in the borrower by allowing repayment. 

Although most creditors cooperate in the debt settlement process, they are under no obligation to do so. As a result, creditors sometimes file lawsuits that can result in wage garnishments, bank account levies, or placing a lien on your real and personal property. For these reasons, it’s important to have an experienced debt settlement lawyer on your side to defend you. Another potential negative of debt settlement is that you may be taxed as income the amount of savings you obtain unless you are insolvent. Finally, to participate in the debt settlement process, you typically have to be in default. Defaulting on your payments will negatively affect your credit score. 

Debt settlement has helped thousands eliminate their debt without filing bankruptcy. Sometimes debt settlement is the best solution while other times bankruptcy may be a better option. The experienced Phoenix debt settlement lawyers and bankruptcy attorneys of Ariano & Associates provide unbiased advice as to your best course of action.


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  • COVID-19 Measures
  • Open for Business
  • Operating Hours
  • Monday 8am–5pm
    Tuesday 8am–5pm
    Wednesday 8am–5pm
    Thursday 8am–5pm
    Friday 8am–5pm
    Saturday Closed
    Sunday Closed
  • Free Consultation
  • Yes
  • Languages Spoken
  • English
  • Educational Background
  • Chris Ariano was born and raised in the suburbs of Chicago. After graduating from a private high school he attended undergrad at the University of Colorado at Boulder where he earned a Bachelor’s degree in Business Administration with a dual area of emphasis in Business Information Systems and Management.

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