Debt Collection Settlement Becomes More Flexible
Honolulu, Hawaii-based bankruptcy attorney Marvin Dang runs one of the largest debt-collection firms in the state, one that oversaw more than half of the area's lawsuits in 2010.
Dang's firm represents financial institutions such as Capital One, American Express and Citibank and filed more than 11,000 cases last year.
Dang says the high number of debt-collection lawsuits are a result of economic conditions in the state rather than aggressive credit card use orthe increased availability of loans, The Honolulu Star-Advertiser reports. Due to the struggles of many state consumers, Dang says his firm takes extra steps to resolve these matters out of court.
"I don't get a sense that they're more willing to have cases go to suit," he told the news source. "If anything, the clients are getting a little bit more flexible in terms of what they're willing to settle for."
Dang says consumers who are notified of an outstanding debt payment should talk to the creditor, bank or a lawyer, the Star-Advertiser says. By working with these institutions, and examining their bankruptcy options, consumers could save time and effort and more quickly begin to get their finances back in order.