Debt Negotiation Attorney

Hiring a Debt Negotiation Attorney

If you have to screen your phone calls and feel yourself overcome with debt collectors’ notices, then you may want to consider hiring a debt negotiation attorney. We cannot always rely on being financially stable because let’s face it, circumstances change sometimes. Whether it’s the loss of a job, having to take unpaid time off work, or an accident resulting in a pricy hospital visit, a change in your financial situation can easily lead to a build-up of unpaid bills complete with late fees, returned check charges, etc. The entire situation can seem impossible to get out from under without help.

What does a debt negotiation attorney do?

Although it may feel as though declaring bankruptcy is your only option, a debt negotiation attorney is there to show you what your options really are. As the everyday Joe cannot know everything there is to know about credit/debt and the laws associated with finances, we have to turn to someone who really does know everything. Instead of representing yourself in debt negotiations, you need to turn to an attorney who specializes in getting people’s debt down to a manageable level.

A debt negotiator is a qualified individual who is knowledgeable about financial law and can advise you through the process of debt settlement. Contrary to financial advisory groups, an attorney is dedicated to your individual case and can look at your financial records to help you understand the scope of your problem and what needs to be done to get it fixed. A lot of times this means contacting the company or companies with which you are indebted to and fighting to get you a payment plan that you can feasibly afford or reduce the overall amount that you owe. Many times, companies charge outrageous fees which can cause a “debt circle” to develop. For instance, late fees or returned check fees and similar penalties can build up to the point that one’s monthly payment goes towards covering these fees rather than the bill itself. This is an extremely difficult situation to get out of but is one that is commonly handled by debt attorneys.

Will my debt record be wiped clean?

In most cases, your entire debt will not go away. Unfortunately, most companies see the picture as being your fault because you used services or kept purchases which were bought on credit, and since you got use out of them, you should pay for it. Therefore, you will probably be expected to pay a reasonable amount, and understandably so, however it can be worthwhile to explain why you fell behind, especially if it was due to unforeseeable or unpreventable circumstances. An attorney can help to effectively explain your situation to the creditor.

Excessive fees such as late, overdraft, or returned check fees as mentioned above can often be waived in order to help you get your payments back on track. Many companies do not like to let go of these fees which are purely profit for them, however a good debt attorney can help persuade them to give you the chance to get your payments caught up and on track again. In the case of secured credit, such as a car or home loan, most creditors are unwilling to work directly with their borrowers because it is simply easier to just come and repossess the property. However if there is any chance that you can keep the property and work out a payment plan, a debt attorney will be your best shot at pulling it off.

It is unrealistic to believe that you will not suffer any consequences for falling behind—even if you could not prevent it—so your credit score may suffer for a while. The good news is that the sooner you get your debt under control, eventually it will be paid off and you can work towards repairing the damage that was done to your credit history. Nothing lasts forever, so try to focus on simply getting a handle on your debt.

How can I find a debt negotiation attorney?

Debt occurs everywhere in the world, therefore debt attorneys are present everywhere as well! You can find a local attorney by doing a quick internet search for “debt negotiation attorney” followed by your city and state. Alternatively, you can also check the phone book under financial or legal services. Sometimes the best way to find an attorney is to simply ask around for recommendations. Friends, family members, and even co-workers may be able to suggest a good starting point for your search.