Can A Lawyer Help Me Get Out Of Debt
The road to getting out of debt can be easy. With the help of a debt settlement lawyer, you can pick out a plan that helps you overcome financial struggles. Choosing whether to pursue debt settlement, debt management or bankruptcy can often be the most difficult part of getting out of debt. A debt settlement lawyer can provide you with the bird's eye view of each option and will help you weigh the pros and cons of each option. Because the Federal Trade Commission reports that debt settlement companies can often fail to have established policies for collecting debts, it is usually in your best interest to work directly with a debt settlement lawyer.
Decide On A Plan of Action
A debt settlement attorney will help you decide on a plan of action for your case. In a debt consolidation program, your debts will all be amassed into one sum of debt. You will typically have to pay a higher interest rate when your debts are amassed into this lump sum. The benefit is that you will not have multiple creditors trying to contact you for payment on credit cards. In the process of debt settlement, a lawyer will try to work out an agreement with your creditors to lower the debts that you owe. The principal amount that you owe will ultimately be lowered in this process.
If creditors do not think that you will ever be able to repay the debt, then they will usually lower the amount in order to start receiving payments from you. The debt management plan will involve lowering the interest rates on each sum of debt that you owe.
The type of plan that a lawyer helps you choose will depend on the following characteristics:
- Your income level.
- Your ability to ultimately repay debts.
- The amount of debt that you owe.
Contacting a debt settlement lawyer will help you get started in achieving financial peace in your life. You will no longer have to worry about receiving angry phone calls from creditors when you work with a debt settlement attorney. If you do not have your own attorney, Attorneys.com can connect you with one for free.