Do You Need to Consult a Debt Consolidation Lawyer

The laws that govern debt have always been complex, with the recent economic meltdown; they have become even more difficult to navigate. Along with federal laws, there are state laws that also have to be considered. Many debts that people assume can only be handled through bankruptcy that can actually be managed well through a debt consolidation program. Medical debts, student loans, credit card debt, some forms of personal debt and collection items are just a few types of outstanding balances that can be managed without filing bankruptcy.

Most states have a variety of debt consolidation programs offered by both for profit and non profit organizations. While each type offers consumers an overwhelming benefit, some debts are more complex and would benefit from the help of a debt consolidation lawyer.

Working with a debt consolidation lawyer will be able to help you not only navigate the complex legal landscape, but also clearly explain applicable laws that apply to your situation. Debt consolidation lawyers are specially trained in the area of debt and debt reduction. When you use a debt consolidation lawyers, not only you are backed with the legal know how, but will also have representation if the situation warrants it.

Dealing with creditors always requires some sort of legal paperwork, be it contractual agreements, rate negotiations or term adjustments. A trained legal representative will be able to assist in completing all of the required paperwork so your debt consolidation is properly managed. One of the most common complaints among all consumers steeped in debt, is the harassing phone calls, letters or visits they receive behind on their monthly payments. There are laws that govern how collection agents deal with consumers has undergone drastic changes to help better manage to stress involved, however, that doesn’t stop the calls entirely. Legally, when you enter debt consolidation, you can request that all creditors’ calls have to be handled by your lawyer. This gives you peace of mind, while also allowing the companies to deal with a third party to resolve the debt in a calm, collected and professional manner.

There is a lot of negotiation involved in debt consolidation. Companies that extend credit to you don’t like when they are not paid, but they also often prefer to take delayed payments since they earn extra fees in the process. A skilled debt collection lawyer can work with you and your creditors to:

  • Reduce your interest charges
  • Lower late fees
  • Properly report payments
  • Cancel annual fees
  • Remove accounts from collection
  • And negotiate favorable terms

Granted, you as a consumer can work to elicit the same response, however, companies may be more inclined to listen to a debt consultation lawyer who is dedicated to resolving the outstanding balance as well as getting your finances back on track. Whatever path you choose to take to secure your financial future, make sure you weigh all of your options and ensure that the program you choose is one that fits well with your lifestyle.