Debt Settlement Lawyer Atlanta
It is common knowledge that we are facing hard economic times. Many people find making payments on their home, car, or consumer credit challenging. This may be due to a loss of income, an underwater loan, or other financial problems.
Lenders and creditors will do their best to collect payment from individuals who have defaulted on their payments, but they also understand that sometimes, a person may not be able to repay their debt in full. For situations like this, collecting some payment as opposed to none is often the best decision a lender can make.
What Is Debt Settlement?
Debt settlement is a method to reduce the amount of debt owed. It might be the most suitable solution for some individuals in trouble with credit cards or other types of unpaid debt.
A debt settlement is a legal agreement between you and your creditors in which you agree to repay less than what you owe. Some people do this because they don’t have enough money to repay their debts or want to avoid bankruptcy.
The process entails negotiating with lenders for a lower interest rate and reduced monthly payments. Usually, a sum less than the total balance owed is paid, and in return, the balance payment is waived.
Dealing with debt settlement companies is typically cheaper than bankruptcy but will not eliminate your debts as bankruptcy does.
A debt settlement lawyer is a type of legal professional who negotiates with creditors and debt collectors to help resolve your debt. Contact a qualified attorney at Cherney Law Firm to learn more about debt settlement.
How Does an Atlanta Debt Settlement Work?
Debt settlement in Atlanta is an alternative to bankruptcy.
The first step is determining how much you can afford to pay each month. Then, begin negotiating for a lower principle. You may be able to reduce what you owe by up to 50%.
Creditors and lenders are often willing to accept less than full payment because they believe receiving some payment is better than none. Not only will you experience a certain level of financial freedom, but communication from your creditor will also cease.
What Are Possible Debt Settlement Outcomes?
There are four possible outcomes of a debt settlement process:
Debt Settlement Agreement
A written agreement is entered into between the borrower and the lender to settle an outstanding balance in full, or in part, for less than what is owed.
Debt Forgiveness
When a lender agrees to forgive part of a borrower’s debt due to hardship or because it would be unfair to collect that amount after giving some relief on other debts.
Debt Cancellation
When a creditor agrees to cancel all or part of a borrower’s obligation under an agreement with them.
Bankruptcy
An individual declares bankruptcy when they cannot repay their debts and no assets are available to pay them off.
Debt settlement lawyers can help you reduce your monthly payments and interest rates or even eliminate some debts altogether.
What Are the Benefits of Debt Settlement?
While it does not discharge all of your debt like bankruptcy, it is a viable alternative that produces excellent results if done correctly. If you are in significant debt, consult a qualified bankruptcy attorney to learn how a legal representative could help you negotiate with your lender for a lower principal.
The benefits of debt settlement could include the following:
- Improved credit score
- Lower interest rates
- Reduced monthly payments
Consider consulting with a skilled attorney from a reputable law firm, such as the Cherney Law Firm, LLC, for additional assistance in discharging your debt.
When Should You Seek Debt Settlement?
There are certain provisions and circumstances under which it would be advantageous for you to consider debt settlement. If you are experiencing any of the following situations, getting in touch with a knowledgeable lawyer straight away may help:
- Bankruptcy is one of your considerations for debt relief.
- You are beginning to fall behind with various payments.
- You have outstanding unsecured debt.
- You are not financially able to repay any of your bills.
- If your debt was reduced, you could feasibly repay your debts.
In order to obtain a debt settlement, consider hiring a skilled debt settlement lawyer.
Only a legal representative with experience in this area can ensure that your principal is reduced to the lowest possible amount. Our attorneys at Cherney Law Firm LLC have handled many cases, so they know exactly how low a creditor is willing to go. With our debt settlement services, you won’t have to face the tough times alone. Contact us now to schedule a free consultation.
How Can an Attorney Help With Debt Settlement in Atlanta?
In the United States, many people are burdened by debt. Many people find themselves in financial trouble and can’t pay their monthly bills or make ends meet. If you are struggling with your finances and need assistance with debt settlement, an attorney can help you.
A professional legal firm can help you reach an agreement with your creditors or lenders that will allow you to pay back what you owe over a longer period without paying expensive interest rates on top of the principal amount owed. This is one way of getting out of debt without filing for bankruptcy.
Should You Hire a Bankruptcy Lawyer?
Incurring debt can often be due to no fault of your own, especially with the economy as challenging as it is and sudden expenses that can spring up from medical bills and other emergencies. Certain circumstances result in sudden costs that can take you from a place of financial security to an overwhelming place of crushing debt.
If you are struggling to meet the monthly payments for your unsecured debts or have defaulted on your loan, contact Cherney Law Firm LLC today. Since 2006, qualified attorneys have assisted clients in settling their debt and finding the relief they desperately need.
Talk to an attorney at Cherney Law Firm, LLC, for questions about debt negotiation and other financial matters. Call now for experienced legal representation.
Frequently Asked Questions
Attorneys and legal professionals from local law firms can provide answers to some of the most commonly asked questions.
How Much Does an Atlanta Debt Settlement Lawyer Cost?
Many factors can influence the cost of hiring a debt settlement lawyer in Georgia. The type of debt, the number of accounts being settled, and the amount owed on each account can all affect the price.
What Are the Risks of Debt Settlement?
You might have to wait a while before you see results from debt settlement. During that time, interest rates may increase, causing more financial damage. Your credit score may decline after a debt settlement because it shows that you’re not making payments on your debts. However, if you make all your payments on time after the agreement, it might rise again.