What Can A Debt Settlement Lawyer Help With?
As a debt settlement lawyer, we provide alternative solutions to bankruptcy. While we take our clients through the bankruptcy process, some people are not ready to go this route. For example, if you are behind on your debts but think you could catch up with a little help, you may need legal assistance but not bankruptcy. To find out which option is best for you, we encourage you to call our office and schedule a consultation. In the meantime, here are some basic signs that you need help from an attorney –
#1 You are afraid that you will never pay off your credit cards.
If you see your monthly statements as a sign of failure and think that you will never be able to pay them off, trying to settle your debts for less than you owe could give you the confidence you need to regain control of your current financial situation and your future.
#2 You have come into some cash.
Whether you won prize money, received a large tax return, got a small inheritance or a bonus you did not count on – that money could be used to pay off some of your debts. As a debt settlement lawyer, we can negotiate with your creditors on your behalf. If they accept a reduced payoff (for example forty percent), the money you have in hand can stretch much further. You may be able to pay off all of your debts or most of them by simply negotiating the balance down.
#3 You want to try to negotiate before filing for bankruptcy.
Many people want to try one last time to work something out with their creditors. If you are one of them, we can help you to negotiate and if they do not accept our offer, then it is probably time to proceed with a bankruptcy filing.
What You Should Know About Working with a Debt Settlement Lawyer
Creditors have one goal in mind – make money. The way that they do so is by lending you money, charging you interest and fees and then getting all of their money back plus profit. If you stop paying them, they are at risk of losing their profit and initial investment (the limit on your credit card). This makes it much better for them to negotiate and accept a reduced payoff amount than risk you filing for bankruptcy and getting nothing at all. The challenge is that many creditors don’t see it this way. Instead of being willing to negotiate, they would rather take a firm stance and prevent you from being able to come up with an affordable repayment plan. This is where working with an attorney can be helpful. Creditors are far more likely to take an attorney seriously than they would a consumer.
Negotiation Process
During the negotiation process, both you and your creditor can back out at any time before an agreement is reached. This means that you have nothing to lose and if they never agree, you can still file for bankruptcy. To learn more about the process of settling your debt, call and schedule a consultation today.