Debt Settlement Lawyers Can Help Manage Your Debt

As a debt settlement lawyer, we work with individuals and families struggling to manage their monthly debt load. With credit cards, lines of credit, car loans, the mortgage, student debt, etc., it is easy for a family to wake up one morning with too many bills on the table and unsure of how they will pay them. The majority of American families do not have significant savings, so when the debt gets out of control, it can be hard to keep up, let alone to pay it off. This is where we come in. As an attorney, we can help you to either create a plan for paying off your debt, settle your debt, or take you through the bankruptcy process to discharge your debt. All are possibilities and to find out which option is best for you, call us to schedule a consultation.

One of the first solutions we may discuss is settling your debt. This can be highly advantageous for you if you have access to some cash. Whether you are receiving a large tax return, a bonus at work, or can borrow some money from a relative, settling your debt can be beneficial to your credit rating and your long-term financial situation. This is because debt settlement is not bankruptcy and will not negatively impact your credit score like filing for bankruptcy would. Simultaneously, it will allow you to get rid of your debt so you are no longer making high monthly payments to interest. When it comes to unsecured debt, it is possible to make a high monthly payment every month and never even touch the principal. This plan turns it around so you are directly tackling the principal of what you owe.

What is the process like when working with a debt settlement lawyer?

The first thing we need to do is get a clear picture of what debts you have. We will work with you to list them out, including who you owe the debt to, what the interest rate is, the principal amount, and your monthly payment. This will help us quickly identify which debts are costing you the most money in terms of interest and payment. We will then discuss what assets you have to apply to these debts. For example, if you have $15,000 to pay off debt, like if you will be selling a car to pay off debt, etc. Regardless of how much you owe or how much you have to contribute, we need to know exact numbers. This will allow us to create a plan for how much money can be applied to certain debt (if the lender agrees). For example, if you have $15,000 to spend and owe $45,000 to three different credit card companies, we may approach them with a settlement offer of 30 percent. If they accept, your $15,000 will be due immediately and they will write off the rest of your debt. In this way, working with a debt settlement lawyer can save you a significant amount of money. Just keep in mind that each situation is unique, so we will not know what the credit companies will accept until we begin negotiations. To get started, call and schedule a consultation.