Whether you have incurred debt because of loans or because of revolving credit, this debt can quickly become crippling to your finances. In addition to it being a financial problem, the stress that you may feel about trying to maintain payments on this debt or when speaking with creditors about your past due accounts can be significant as well. Fortunately, there are debt relief attorneys that are out there that can help you in even the most difficult debt situations.
One of the things you’ll find when you speak to a debt relief attorney is that they will give you a few different options in terms of how you can legally deal with this debt. In some cases, the attorney can represent you in negotiating with your credit card companies and other lenders to renegotiate the terms of your debt. This may be all you need to not only get current with your accounts, but to pay them off in a reasonable amount of time.
Unfortunately, not all lenders or credit card companies will be willing to work with you, even if you’re represented by an attorney. In these cases, the debt relief attorneys may recommend that you file for bankruptcy. If you meet certain income requirements, you could file for Chapter 7 bankruptcy, which will completely wipe out those debts. If your income is a bit higher, you may have to file for Chapter 13 bankruptcy, which forces your lenders as well as credit card companies to negotiate a repayment program.
However, you want to make sure that the attorney that you speak with offers you a wide variety of different options. If the attorney works for a bankruptcy law firm, you want to make sure that he or she isn’t pushing you to bankruptcy without exploring other options. In some cases, bankruptcy may be your only option. But you might have other options, and it would be the attorney’s responsibility to bring those to your attention.
Regardless of whether you negotiate a repayment plan or you file for bankruptcy, consulting with an attorney in these matters is a good idea. They can look at your situation, advise you as to what is best, and they can represent you in either renegotiating the terms of your debt or filing for bankruptcy.
