Law Firms For Negotiations

Law firms for negotiations are not the first solution people think of when it comes to debt, but, in fact, law firms can step in and handle debt for individuals. People with severe debt turn to these services as a last resort before filing for bankruptcy. The individual in debt goes to the law firm with their debts. The firm contacts the creditors and bill collectors on the individual's behalf to negotiate a settlement on each debt. For instance, consider a person who owes $12,000 for a car. Christian law firms for negotiations could reduce that amount to a settlement of $6,000 to be paid up front. The other $6,000 is forgiven as long as the individual pays the $6,000 in one lump sum by a set date.

Naturally, these services can be an expensive option. The law firm will charge fees for their services, those that are typically higher than that of a debt consolidation company. The argument against that is the individual will save thousands in the long run by having a lawyer obtain settlements. Christian law firms for negotiations also require large amounts of money to pay off settlements. Individuals can pay off these settlements by taking out a mortgage or second mortgage, saving in advance for settlements, borrowing from a 401k or from family, or by selling off personal property. For instance, the person with the $12,000 car debt may have to sell his other car to pay the lender the $6,000 settlement. Thus, the individual is committed to sacrifice in some way when using this route.

This is really only an option for people in severe debt, which would normally take decades to pay off. Before making the decision to try Christian law firms for negotiations, the individual should consider their spending habits. Though severe, using a strict budget for six months and cutting up credit cards may be worth a try before resorting to this option. Each person and situation is unique. A trusted financial counselor can tell a person if they should get involved in this option for paying on the money owed. "Cast thy burden upon the LORD, and he shall sustain thee: he shall never suffer the righteous to be moved". (Psalm 55:22) Compared to a debt consolidation service, this option can be a far quicker way to eliminate debt. Negotiating and paying off a settlement could take a number of months while using a debt consolidation service and making monthly payments could take years. An advantage for those who turn to this type of service is that paying off settlements will gradually improve their bad credit.

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