subject: How A Debt Attorney Can Assist In Speeding Up The Debt Settlement Process [print this page] It is estimated that over one million Americans file for bankruptcy or for protection from debtors under bankruptcy laws each year. If you are facing a growing problem with credit card debt, medical bills, and collections accounts, you may be considering the debt relief options that are available to you. While filing for bankruptcy is a common solution, many consumers file for bankruptcy before exploring all other options available to them. Many will benefit from working with a debt attorney and pursuing the debt settlement process for a quicker reduction and resolution for debt balances.
What Settlement Is
Settlement is a legal process that involves negotiating with your creditors for a reduction in debt balances. Credit card companies, collections agencies, and others who you have unsecured accounts with want to collect the money you owe from them. However, because these are unsecured debts, they cannot foreclose on or repossess property you own. They work to collect debts by bombarding you with calls and letters. Settlement provides you with a legal way to seek relief from these calls and emails while also reducing debt balances.
Options for Settling Debt
As a consumer, you have several different options to consider for settling debts. You can contact your creditors directly and try to negotiate a reduction in debt balances. However, many people experience limited results for their efforts. Some consumers may spend weeks or months attempting to settle debts and see little to no results for their efforts. You may also work with a professional debt negotiations company. There are some reputable companies that you can work with, but there are many scams that pose as legitimate debt relief companies. If you wind up being targeted in a scam, you may lose time as well as money in the form of fees charged by such a company. Another option to consider is working with a licensed debt attorney. There are many benefits associated with working with an attorney while settling debt.
The Benefits of Working With an Attorney
Perhaps the most significant benefit associated with working with a licensed attorney for settlement is the speed with which the settlement process can be completed. There are no guarantee for results with settlement. However, an attorney is a licensed professional who understands and will fight for your rights under the. He or she is held to a strict code of ethics when working with you, so you do not have to worry about wasting time or losing money with a scam. Further, some creditors have a policy of only working with licensed attorneys when settling debts. When you work with an attorney for settlement, it is very likely that you will not only get faster results, but you will also likely get improved results in deb reduction as well.
Not all debt relief companies are scams, but there are many companies that pose as legitimate debt relief companies. Working with such companies can waste your time and your money. For consumers who are struggling with debt today, it is often best to seek out debt relief by working with a licensed attorney. This is a professional who can use his or her experience and vast knowledge of the law to quickly work towards the debt settlement results you want.
