As a debt settlement lawyer, one of the major challenges we have is from our customers and the overabundance of myths that permeate the Internet when it comes to debt settlement. There are literally hundreds of sites online that will tell you conflicting things about debt settlement, misguide you even if only by confusing you, and provide general information that may or may not apply in your situation and to the laws in your state. It is important to understand two critical elements when it comes to debt settlement and the law.
Understanding Debt Settlement
The first is that each situation is unique, governed by a unique set of circumstances, and has to be dealt with in accordance with a very particular set of laws. Secondly, not everything you read is relevant, applies to you, or is correct information. It is far more prudent to take the time to consult with a debt settlement lawyer, who will take the time to understand your particular case and guide you through your personal circumstances. Even if after consulting with a debt settlement lawyer, you decide not to use legal counsel to negotiate on your behalf, you should still take the time to meet with a debt settlement lawyer and understand the nuances and laws that apply to your situation. Here are two of the most common myths we see floating around.
Debt Settlement Myths
The first is the concept that you can negotiate at the same level and achieve the same results as a debt settlement lawyer. In theory, this would be correct. However, like most theories, the reality is far from an easy conversation with the companies holding your debt. Remember, these are companies that gave you money in good faith and now want to recoup their investment. Often, having the expert advice of a debt settlement lawyer does two distinct things for you. First, you know your rights. This means that with expert legal advice, you are not floundering trying to protect yourself, operate within the boundaries of the law, and have an intelligent conversation with creditors. Creditors use attorneys, many of them, and so when you go into negotiation with these companies by yourself, you are at a distinct disadvantage. Second, your attorney knows how to talk the talk. We all speak the same language of credit, debts, and law, which means the conversations tend to be much smoother for everyone involved, typically getting you a better resolution.
The other common idea is that debt settlement will not affect your credit. The reality is that debt settlement will indeed adversely affect your credit, meaning you want to have a professional debt settlement lawyer in your corner negotiating the best possible outcome. We do this every day. The idea for a debt settlement lawyer is to get our clients out of debt, on a plan to recover their credit, and back to their life as quickly and as painlessly as possible. For this reason as well, you should strongly consider getting a consultation with a debt settlement lawyer if you have unpaid debts.