
Riverside Debt Settlement Attorneys
Proudly Helping Clients Take Control of Their Debt
Are you feeling overwhelmed by all of the debt you have accumulated over the years? If so, turn to our talented and reliable team of debt settlement attorneys serving Riverside for help. In certain cases, creditors are willing to limit the amount of debt that is owed, allowing for a smaller lump sum payment. Some creditors might even be willing to negotiate an extended plan for installment, rather than risk you filing for bankruptcy, in which case they could lose even more money. Since bankruptcy isn’t an option for everyone, you should discuss your situation with our lawyers to determine if debt settlement is right for you.
To get answers to all of your debt settlement questions, please call The Turoci Bankruptcy Firm today at (951) 784-1678 to speak to our legal team in Riverside.
Debt Settlement Explained
Debt settlement is also sometimes called debt consolidation, and it involves direct negotiations with each creditor you owe money to. The goal of debt settlement is to work together with your creditors to reach an agreement that lowers the amount of debt owed. This is achieved either by diminishing the loan amount or accepting a more reasonable form of payment installment.
Since the debt settlement arrangement is voluntary for both sides, the agreement can be cut off by either party at any time. Although this might appear to be a simple solution to your debt problem, the main issue is that there are many hidden traps and vague language used in debt settlement arrangements that can land you in a worse position than you started. That is why it is crucial to consult with a knowledgeable lawyer at The Turoci Bankruptcy Firm to discuss all of your options.
What Are the Disadvantages of Debt Settlement?
Although debt settlement might lower the overall amount of debt you owe and help you avoid bankruptcy, there are risks that you need to be aware of before choosing this option. Some of the disadvantages of debt settlement include:
- Possible Scams: Some debt settlement companies are only after your money, which is why you need a reputable attorney to help identify possible scams before you agree to anything.
- Difficult Creditors: Creditors are not obligated to negotiate with you under this arrangement, so they might be unwilling to lower your debts at all if you attempt to negotiate without strong legal representation.
- Tax Consequences: You might be required to pay taxes on the difference that you settled your debt for compared to what was initially owed since the difference can be considered taxable income if it exceeds $600. Speak to a lawyer at The Turoci Bankruptcy Firm to better understand the tax consequences of your situation.
- Only Applies to Unsecured Debts: If you have a considerable amount of secured debt, such as car loans or a mortgage, then debt consolidation might not reduce your debts to an amount that will significantly benefit you.
Do Both Unsecured & Secured Debts Qualify for Debt Settlement?
Only unsecured loans that are not affixed to physical possessions or property like cars or houses, can be considered under a debt settlement agreement. The following unsecured debts are allowed for debt settlement:
- Medical Debt
- Credit Card Debt
- Business Debts
- Private Student Loans
- Bills for Cell Phones
- Car Repossessions
The following secured loans are not eligible for debt consolidation:
- Car Loan Payments
- Federal Student Loans
- Mortgage
- Tax Debt
- Utility Bills
- Child Support
Chapter 13 Bankruptcy vs Debt Settlement
The best alternative to debt settlement is to file for Chapter 13 bankruptcy in order to secure complete protection from all of your creditors. Under Chapter 13 bankruptcy, you can consolidate your debt into single payments each month, which will take a maximum of 5 years to complete. Let our compassionate and experienced debt settlement lawyers in Riverside assess your situation and determine the optimal solution to take control of your debts.
Give us a call today at 951-784-1678 or contact us online to schedule your case consultation with our Riverside debt settlement attorneys.

Client Testimonials
Hear It From the People We Have Helped
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I definitely recommend Mr. Turoci, he made my bankruptcy process go smoothly and easily.
“I definitely recommend Mr. Turoci, he made my bankruptcy process go smoothly and easily. He explained everything to me. He is extremely professional and helpful. My case took less than a month and I ...”
- Tom B. -
The Turoci firm was amazing.
“The Turoci firm was amazing. From the start to finish the process was transparent. I appreciate all their hard work throughout my process. Thank you”
- Katie L. -
I'm very happy with the service I received from the Turoci Bankruptcy Firm, and I would recommend them to anyone looking to file bankruptcy.
“I was unemployed, and with no source of income, unable to pay my debts, so I decided to file chapter 7 bankruptcy. I went with Todd Turoci, because he office was close to where I live. Him and his ...”
- Jamie G. -
Todd, was great, He helped me to get through a rather tough time.
“Todd, was great, He helped me to get through a rather tough time. He and his staff were professional and helped me along every step of the way...Great work, and I will recommend him to anyone.”
- Eric Quinn -
Thank you Mr. Turoci for assisting me with my financial situation. You and your staff (Daisy, Courtney, Laura, and Dana) were so helpful!
“Thank you Mr. Turoci for assisting me with my financial situation. You and your staff (Daisy, Courtney, Laura, and Dana) were so helpful and handled my situation. Very friendly and professional. I ...”
- Kimberly Deasey

Meet Our Legal Team
Here to Guide You Every Step of the Way-
Todd Turoci
Founding Attorney
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Meredith Jury
Retired Bankruptcy Judge


The Turoci Difference
Personal Guidance Through the Entire Process-
Certified Bankruptcy Specialists
Todd is one of the few Certified Bankruptcy Specialists in the Central District and the only one in the Inland Empire, as designated by the American Board of Certification.
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Free, No-Obligation Consultation
Our firm offers free, no-obligation consultations for those who chose to retain our services.
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Compassion
We can understand how challenging this process can be and will guide you through, every step of the way.
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Availability
We offer our clients after-hour, weekend and same day appointments to meet your busy schedule.
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Personalized Attention
When you hire us, you will have direct access to your attorney from start to finish.
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Bilingual
Our team is bilingual! We service our clients in English & Spanish.
