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Debt can become a serious burden in your life to the point of preventing you from doing other important things.
Your life can become standstill as you figure out how to deal with creditors who are constantly on your case. If you have little or no experience in such matters, this can become a nightmare.
If you reach a point where you can’t figure out a way to clear your debt and are at the verge of going bankrupt, this is the time to consider getting a debt settlement attorney. This isn’t always an inexpensive option, but the cost is often well worth it for the professional service you’ll get.
Having the help of an attorney means you’ll have someone experienced to handle your case as well as minimize any legal risks that might occur. Below are ten benefits you’ll get when you work with a debt settlement attorney.
The Amount Is Too High
Sometimes you can find yourself at a tight spot with too much debt on your back. You might try to figure out all possible sources where you can get a huge amount of money to repay, but nothing substantial comes up.
After all, hope is gone, you find yourself with the only option remaining is having the number amount down. These means negotiating your way with the credit to settle for a repayment plan or debt reduction to something you can afford.
Without the help of a debt settlement attorney, your chances of coming up with a mutual agreement with the creditor are close to zero. They are the ones who are going to lose, so they have all the reasons to refuse your proposal.
Contact McCarthy Law PLC because they know their way around the law and can come up with a good convincing power to have the amount brought down.
Having Your Wages Garnished
Sometimes having unpaid debt for too long or passed the agreed period can put you at risk of having your property auctioned or wages garnished. You can undergo a huge, especially if it’s your property in question since the value of your car or house may be way over the amount you owe.
This means you’ll be at a losing end if something like that happens. Hiring an attorney to help negotiate this on your behalf can serve you from such financial troubles. People have so much trust in attorney and can agree to give you more time to pay the loan after signing legal documents from the attorney.
The Creditor Is Suing You
Just like consumers, creditors also have legal protection to protect them from unnecessary lose when a debt refuses to pay. You might not have necessarily refused to pay your debts, but staying for too long without making a payment gives the impression that you’ve refused to pay.
At this point, a creditor has the right to initiate a lawsuit. If this happens, you’ll need a lawyer to help defend you in court. This is especially important if there are chances of you getting a serious judgment. The attorney can also help draft an agreement with the creditor to help settle the matter without involving the court.
Creditors tend to call their debtors from time to time. The calls become too irritating and can distract you from your work or daily routine. Some people even end up blocking the call, which results in even bigger nightmares.
Having an attorney helps you deal with the issue and stop the distractive phone calls. A lawyer can serve the creditor with an official letter requesting them to stop the calls. They can also give an ultimatum where you, as the debtor, will have to state the date you’ll pay back.
Another way to stop the calls from the creditors is filling for bankruptcy. If you do this, creditors will automatically stop the calls since they know you cannot afford to pay the debt. A lawyer will guide you throw the bankruptcy filing process, explain what it entails, and take them to the creditor.
A debt settlement lawyer can also stop the creditor from coming to your house an announced and interfering with your normal life. By writing an official letter, the creditor can also stop sending you junk emails which are mostly full of threats and demands.
Bring Financial Stability
Sometimes being in debt can mess your life so much such that you find yourself bankrupt or unable to keep up with a normal life. If you prioritize your debts without planning well with your life, you can end up in a financial mess that can be hard to get out from if you don’t seek the help of a debt attorney.
A lawyer will help you organize your life and help you decide on your priorities and how to spend the money you have. You’ll take better control of your spending and avoid useless expenditures. He/can also helps you develop a sustainable budget for your income to help you stay disciplined and responsible with your finances.
Sometimes you can be torn between hiring a debt settlement attorney or debt settlement companies. Maybe you get some recommendations and opinions from your friends and family that can be contradicting in one way or another. You first need to understand that what worked for your friend may not work for you.
If you’re torn between getting an attorney or debt settlement company, then a good reason to consider a lawyer would be because lawyers are held within ethical standards of the law.
This means a lawyer will never take advantage of your hopeless situation for their benefits. They are legally obligated to put the needs of their clients first. This will not be the case with debt settlement companies who’ll take advantage of your vulnerable situation to reap out even more money from you.
Avoid Filing a Bankruptcy
Sometimes your debt can escalate so much that the only option you find appropriate at the time is filing bankruptcy. While this may seem like an easy solution, it will not be the best option in the long run. The process is not only expensive, but this can remain in your record for a long time.
With a bankruptcy report, borrowing in the future even after you get your financial stability back can be an uphill task. With the help of a debt settlement attorney, you can avoid this situation and work out something better. The lawyer can also help explain to you why this might not be the right path to follow.
Saves You Time
Having to deal with your creditors and debt collection agencies consume a lot of your time. If you have to reach an agreement through a debt negotiation process, they can present you with too many documents to view; you’ll have to look for past bills and financial statements.
In addition to that, you’ll have to spend countless hours all calls to arrange payments and answer endless questions not to mention the number of times you’ll have to visit their offices.
Handling all these can be very hard for you especially if you have limited experience. Debt settlement attorneys do this is their day to day work and are experienced and used to the trouble. They can save you valuable time by handling all the requirements, the negotiations, and the phone calls on your behalf.
Peace of Mind
A debt attorney knows the ins and outs in law matters and will help explain complicated concepts to you. This will save you from having to go through some documents by yourself and end up not getting anything helpful.
Knowing that someone is handling your case with your best interests in mind helps you sleep better at night. You’ll be assured of better outcomes and not end up in complicated situations like court battles with your creditor.
Other Legal Benefits
There are a host of legal benefits that come with hiring a lawyer. You’ll have someone representing your best interests hence avoid being cheated. Your confidentiality, fidelity, and fairness requirements are all taken care of thanks to the lawyer. You’ll also get full disclosure with no hidden or additional fees and no uncertainties.
Federal state laws highly regulate lawyers, and there in house rules that bar them from behaving in a way that can harm their clients. They ought to protect the client at all times by acting under the law. So any type of lawyer whether a divorce lawyer, car insurance, among others are protected by the federal state.
This means if you hire an attorney, even though you’ll still have to pay in the long run, you’re entitled to so many benefits that you can imagine. This doesn’t mean you cannot fall into the hands of bad lawyers who’ll twist you case to favor their interest. You should be careful with the attorney you choose to work with.
Final Thought on Hiring a Debt Settlement Attorney
Knowing that you’re living under serious debts is already as stressful as it is, you should not let other things add to it. You need to leave other stressful situations in the hands of experts like debt settlement attorneys so that you have peace of mind focusing on other things.
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