Debt Settlement Attorney - The Best Ways to Reduce your Debt
What is debt settlement?
At some point you may have owned money that is debt. When the debt is so large that you can no longer manage it with your income you may have tried debt consolidation, debt counseling, getting a home equity loan, and perhaps even Chapter 7 or Chapter 13 bankruptcy. All these are attempts to settle debt.
Debt settlement is when the creditor and the debtor agree to reduce the balance of the debt, which is then regarded as payment in full.
There are many ways to pursue reducing your debt. A debt attorney is one way. They have ethical and legal obligations to clients that are not rivaled by any other company.
What to look for in a
debt settlement attorney?
1. You will want to know that the attorney you are considering is member of the Bar in your state. This is vital, if they are not members of the state Bar they are violating the law.
2. Does the attorney have experience reducing overall debt for their clients? This is important as past behavior is the best predictor of future behavior.
3. Are they able to give you references? Can they prove they are valuable?
4. Do they have long-term relationships with major creditors? These personal relationships are important because we tend to deal with people we like and know. Make sure the relationships they have are not in conflict with what you need. For instance, you don't want your attorney to have been working for the bank last month and now be working to reduce your debt!
5. Are they experienced negotiators and/or arbitrators? Can they work with people and achieve their goals?
6. What are the attorney's fees? Make sure they don't simply add to your debt.
7. Are they able to handle your bankruptcy if debt settlement does not work out? Can they file both Chapter 7 and 13?
8. Do they understand the components of debt? Principle, interest, time, and penalties.
9. Are they willing to work with your type of debt? Secured v. unsecured.
A debt settlement attorney is one resource to settle debt. For some, they are the perfect solution to climbing out of debt.
Debt Settlement Attorney - The Best Ways to Reduce your Debt
By: Fred Esterly
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