Credit card debt workout means a well-negotiated settlement of the credit card debt. Under this scenario, the person will satisfy the outstanding debt by paying a lower amount than the actual debt sum.

Creditors agree to debt reduction arrangements where they feel a settlement of the debt will be in their best interest. In most cases, they come to this conclusion because the person requesting the debt negotiation appears to be a legitimate candidate for bankruptcy. Knowing that in most bankruptcy cases they would receive nothing, they opt to take a discounted settlement on the debt rather than receive zero dollars in a Chapter 7 bankruptcy or fractional monthly payments in a Chapter 13 bankruptcy.

The benefit of going to a bankruptcy attorney that offers credit card debt settlement is that an experienced attorney will do the work of negotiating your credit card debt settlement using both state and federal laws to your benefit.