DebtFreeIQ.com: debt settlement lawyer guide to freedom

A debt settlement lawyer is a legal professional who can help you get that debt weighing heavily on your shoulders cut down a bit. There are times where they will tell you point blank that bankruptcy is the only option you have left, but most of the time, they can negotiate with your lenders so that you only wind up paying a fraction of what you owed.

The major plus to hiring such an attorney is that they will be able to help you in ways you may not be able to help yourself. Statistics show that on average, when a customer uses a debt settlement lawyer, they wind up paying 25% less than if they had not. If you’ve found someone very experienced and effective, you may pay as much as 40% less.

These professionals are not always the best option, but under the following circumstances, they can certainly help.

You owe a lot

An experienced debt settlement attorney is not inexpensive. The fees can range from $500-1000, and if you only have $1000 in debt, you may wind up paying more than you would have originally. If you owe $1000, and your lawyer talks the lender into bringing your debt down to $700, and then charges you $500 for what they’ve done, you’re now paying $200 more than what you were originally indebted for. If you owe thousands and thousands of dollars, this may be a better option for you.

What you owe is not secured

Your debt can either be secured or unsecured. A secured debt is anchored to a tangible good, such as your house or your car. If you default on your loan, these items can be repossessed to cover the money owed.

Unsecured debts are not attached to any tangible good, and may include credit debt or student loans. Creditors can still try tremendously hard to collect, but it often requires far more time and energy, so they’re more willing to negotiate with your debt settlement attorney. If it’s secured, the creditor will gleefully claim your property, but if it’s unsecured, that attorney’s offer may be their best shot at getting any kind of repayment in the near future.

You don’t wait until the last minute

Debt settlement takes planning and consideration. If you put a deadline on a debt settlement on an attorney, they don’t have as much time to do research and preparation. You’ll be far better off if you can just let they lawyer do their thing.

The decision to use a debt settlement attorney is not one to be taken lightly. It can be expensive, and has varying degrees of success, but that does not mean that it’s not for you. Just consider all the different aspects of your situation before committing to such a path of action. If that path is the one for you, you may find your step a little lighter and brighter, having brought yourself out from under a tremendous amount of debt.

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