For most Americans, debt is a way of life. In fact, according to statistics, one adult American has an average debt of about $90,460. Most debts arise from credit card balances, mortgages, and auto loans. And while some people can manage them, for others, and maybe you included, it may not be so easy. If that’s the case, you may wonder whether it’s time to talk to a debt settlement lawyer. If you or a loved one is struggling with the burden of debt, this article will help you learn when to contact a debt relief lawyer.
Who Is a Debt Settlement Attorney?
A debt settlement lawyer negotiates with your lenders when you have a significant amount of debt. The attorney can help you consolidate your debt, develop a payment plan, or try to reduce it. That’s why you need an attorney who knows a good strategy to help you reduce the risks associated with debt, such as a bad credit score. In some ways, a debt relief attorney is almost like a bankruptcy lawyer. But before you approach the latter, you’ll want to first talk to a debt settlement lawyer. They will provide better alternatives than declaring yourself bankrupt.
When to Hire a Debt Relief Lawyer
Here are some of the reasons you may need to hire a debt settlement attorney.
You Have a Huge Amount of Debt
If you’re dealing with a couple of debts worth $5000 or less, you may not need to hire a debt settlement attorney. But if you’re facing a much larger debt from multiple lenders, it’s time to talk to an attorney. This is particularly important if you’re receiving endless calls or letters from creditors. The lawyer can negotiate with the lenders on your behalf and help you manage the debt.
You’re Thinking of Filing for Bankruptcy
If you’re considering filing for bankruptcy, debt settlement can be a better alternative. It will have less impact on your credit score, credit report, and your finances in general. A debt settlement attorney will analyze your situation and suggest the best way to help manage your debt.
You’re Being Sued
If a collection agency or creditor has filed a lawsuit against you, hiring an attorney is the best way to protect yourself. They will educate you about your rights during this process and take over the negotiations. Not having to deal with collectors and creditors can give you peace of mind, even if temporary, allowing you to devise a better plan.
There’s a Judgement Against You
If you lose a lawsuit filed against you, the court may give the debt collector or creditor power to collect their money. This can be through extreme actions such as freezing your accounts, garnishing your salary, and putting a lien on your property. A court order can also include you covering the legal fees of the creditor. A debt relief attorney can challenge the court ruling and have the judgment vacated.
What Does a Debt Settlement Attorney Do for You?
Most people aren’t sure how to manage debt, which can be quite challenging. But hiring a debt relief attorney can set you back on the right path. For instance, the lawyer negotiates with the creditors on your behalf. It can be difficult to negotiate with your creditors, especially if you lack the skills. The attorney has experience negotiating with creditors, which can make debt repayment much easier for you. The lawyer also comes with a professional opinion on what you can do to repay your debts and boost your credit score.
Talk to a debt relief attorney if you’re facing significant debt and can’t seem to get out of it. Having a lawyer increases the chances of a good outcome when negotiating with creditors.
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