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Can A Debt Settlement Lawyer Lower My Minimum Monthly Payments
Hiring a debt settlement lawyer is a smart option for the person who is knee deep in debt. The government has issued various warnings about hiring people who do not have a legal background in debt settlement processes such as relief companies. These companies make false claims that they can wipe away your debt in only a few weeks. However, hiring a debt settlement lawyer may be a better option, because you know that he or she has experience in managing difficult financial situations of individuals. An attorney may actually decide that filing for bankruptcy is in your best interest. To gain some initial insight about your financial situation before hiring a lawyer, you can read through this guide from the Federal Trade Commission. One of the first things this guide will tell you is that a written notice must be sent from creditors informing you of the exact amount that you owe within five days of the initial contact.
Negotiating With The Creditors
Debt settlement lawyers have strategic ways in which they deal with creditors. You should always try to get a time frame for how long it will take an attorney to settle your debts with creditors. The way it works is that a lawyer will carefully consider your financial situation. Then, he or she will submit a written proposal to the creditors about the amount that you are able to afford to repay. From there, the creditors may contact your attorney to clarify any issues that they have with the proposal. The benefit is that you no longer have the responsibility of speaking with creditors. A debt settlement attorney will handle each part of the process for you. He or she will also be able to handle any new issues that arise in the course of dealing with the creditors. These issues may include the following:
- Creditors who make false representations about the amount you owe.
- Creditors who verbally or physically harass you.
- Creditors who attempt to threaten to arrest you.
When you need help in dealing with your financial situation, a debt settlement attorney can be there for you. He or she can help you learn how to manage your finances and prioritize your debts.