(Note: this is not to be considered legal advice, and it is dealing with the hypothetical average elderly and/or disabled person. Each case is unique and to determine the legal ramifications of your individual scenario you should consult an attorney.)
Debt settlement, also known as debt negotiation or debt reduction, is a relatively new way for dealing with your debt problems. In a debt settlement program, by negotiating with a creditor, a client can reduce their debt by as much as 50 percent and be debt free in as little as 12 months. In order to accomplish these savings, however, a client must voluntarily stop paying their creditors. By doing this, a creditor is forced to confront the following question: How can I collect the most money from this past due debtor with the least amount of effort and the least total expense to my company? Typically the answer to this question in the minds of creditors is accepting a lump sum settlement for less than the full balance owed.
Although the vast majority of cases work out according to this framework, as anyone who has ever read a debt negotiation contract can tell you—its impossible for a debt settlement...
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