Many individuals and companies have reached positive outcomes and amicable solutions through negotiating settlements with their creditors. Indeed, negotiating with ones creditors could be an extremely effective option when faced with high debt or filing for bankruptcy. Using the right strategies, attorneys can negotiate your debt to reduce the outstanding principal balance to a figure that can be paid at once and in full, or help you lower your payments so that they are more manageable. The mutual agreement reached will depend on your unique circumstances. You can count on the new agreement being one which better suits your budget.