Bankruptcy Lawyer
If you owe a large amount of unsecured debt and can’t afford to pay it, then you’ll probably start looking for ways to negotiate with your lenders. Unsecured debt is any debt that doesn’t require you to put down collateral. If you have student loans, medical bills or credit cards, these all fall under the umbrella of unsecured debt. Once someone decides to settle debts, the question of whether he or she needs a lawyer comes next. Do you need a lawyer for debt settlement? In some cases, the answer is yes.
What Are Debt Settlement Attorneys?
Debt settlement lawyers and bankruptcy lawyers are very similar. If you’re starting to consider bankruptcy, you should visit a debt settlement attorney. He or she will help you take steps to avoid bankruptcy if you can. Lawyers won’t push you to bankruptcy right away. If there are other options, he or she will lay them out for you.
How Much Do Debt Settlement Attorneys Cost?
Already, you’re worried about your debts being too high; you don’t want to spend too much money on a lawyer. When money is an issue, the last thing that you want is to end up in even more debt. Fortunately, most debt settlement lawyers work on a contingency basis. This means that you don’t have to pay anything right away. Instead, if you win your case, then the lawyer will take a percentage. For instance, if the lawyer saves you money, then you would owe him or her a percentage of what you saved. Each lawyer establishes his or her own rates. This can change based on location or reputation. Always figure out the rates in advance.
Are Debt Settlement Lawyers Worth It?
If you want to lower the amount of debt that you owe, then an attorney is a worth it option. When it comes down to it, most creditors would rather get some of their money back, rather than none of it at all. This is what makes negotiations effective. If you try to work through debt settlement on your own, then you might not have as high of a chance as a lawyer who has experience and knows the ins and outs of debt settlement.
While you are not legally bound to an attorney when it comes to debt settlement, you should always consider a lawyer to help you when dealing with financial and legal matters. Debt settlement is complicated and if you want to get the best deal possible, you’ll want someone with experience advocating for you. For more information on how to settle your debts, contact a Memphis, TN bankruptcy lawyer today.
Thanks to Darrell Castle & Associates for their insight into bankruptcy law and debt settlement.