If you’re struggling with unsecured debts like credit card balances, private student loans, and medical bills, you might be asking yourself, “Should I hire an attorney for debt settlement”?
When it comes to debt settlement, many people have their doubts about it. But in this blog, we’ll go over what it is and if you should hire an attorney for debt settlement or do it yourself.
What Is Debt Settlement?
Debt settlement involves negotiating your principal debt balance down to a reduced amount. It can be a highly attractive option if you have more debt than you can repay within 2-3 years or if you’re unable to meet the minimum monthly payments due to financial hardship. In a debt settlement program, agents will negotiate with creditors on your behalf to lower the principal balance. As a result, you can often reduce your monthly payments along with the overall debt.
But, who should I hire to do the job? Should I hire an attorney for debt settlement or should I do it by myself?
Should I Hire An Attorney For Debt Settlement?
If you’re unsure about settling your debts or need help with negotiations, a skilled attorney can offer practical legal advice after thoroughly analyzing your situation.
- Negotiation Skills: Debt settlement attorneys bring negotiation skills honed through years of law school, practical experience, and extensive knowledge of debt collections.
- Comprehensive Options: A good attorney will review all your options, helping you decide whether to settle your debts or consider alternatives like bankruptcy.
- Legal Defense: If a creditor sues you, an attorney can represent you in court. Additionally, if a creditor violates the law while collecting from you, an attorney can provide specific advice and guide you on the best course of action.
- Ethical Standards: Unlike some debt settlement companies, attorneys are bound by ethical standards and must always act in their clients’ best interests.
Can You Settle Debt By Yourself?
Settling your own debt is possible, but it can be challenging without the expertise of a company or law firm experienced in dealing with creditors who may create obstacles. Here are some benefits of using Mediator Law Group to help settle your debt:
- Expertise: A law firm provides full legal representation throughout the entire process, leveraging their experience in handling such issues.
- Avoid High Lump Sums: With professional assistance, you can avoid the high lump sum payments that creditors often demand when you negotiate on your own.
- Legal Protection: Mediator Law Group offers full protection in case creditors decide to sue you, ensuring you have legal support.
- Time to Save: During the settlement process, you can save money in a special purpose account (SPAA), giving you more time to accumulate the necessary funds.
Should I Hire An Attorney For Debt Settlement? – A Summary
Our team negotiates with creditors on your behalf, shifting the power from the creditors to you. We are committed to providing the highest quality service to our clients and diligently work to settle your accounts. As an accredited member of the Better Business Bureau (BBB) with a favorable rating, we ensure compliance with the 2010 Federal Trade Commission (FTC) rules.
Dealing with overwhelming debt can feel like the biggest mistake of your life, especially when you’re receiving threatening collection calls or losing sleep at night. There are specific federal and state laws that collection agencies must follow. As attorneys, we are well-equipped to handle these situations, offering detailed discussions on the legal implications and providing you with comprehensive legal support.
