Debts can be stressful. Unpaid bills and tax dues accumulate penalties and interests that make it even harder to settle it. It becomes worse when creditors begin harassing you because of what you owe. Struggling with debts can take a toll not only on a person's financial condition but also on his health. So, when your financial pressures seem unbearable, hire a debt settlement attorney.
Debtors must keep in mind that the filing of bankruptcy is the last resort. One must first exhaust all possible means to address his debt problems. Looking for a debt settlement lawyer is an alternative to bankruptcy. Hiring a lawyer poses a lot of advantages in debt settlement. These lawyers are experts on debts and can help in identifying the appropriate debt relief to be applied. Since they are knowledgeable on debt matters, they can give the debtor a sound financial plan to address his money problems. They can make sure that the rights of the debtor are well protected during the process of settlement.
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The main duty of a debt settlement lawyer is to negotiate with creditors to reduce the total amount due and prevent the debtor from declaring bankruptcy. A reduced balance will it make it easier for the debtor to pay. Some lawyers claim to reduce the amount due to at least 40% to 60%. Aside from lack of sufficient funds to cover their obligations, most debtors fail to settle their debts because the amount due has doubled up because of interests and penalties.
The settlement lawyer will take on the responsibility of reducing interests and stopping all other fees the debtor is paying. He is also in charge of the communication with the various creditors. And, he acts as mediator between the debtor and creditor so the debtor is spared from collection calls which some creditors use to harass their clients. Correction of any wrong or misleading information in the credit report during the settlement is the work of your lawyer too.
Paying all bills and taxes on time will save the person from all the inconvenience of having to settle with creditors and worse, be sued in court. When experiencing a financial crisis making it impossible to settle debts, hiring a settlement attorney is a very good option to explore. However, debtors must be careful in choosing a lawyer to represent them. There are unscrupulous lawyers out there preying on debtors who are desperate to end their financial woes.
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