Debt Settlement Lawyer

Debt settlement lawyers are generally hired to take care of clients who have $25,000 or more in credit card and other unsecured debts to settle. While people in higher incomes may have savings or investment accounts they could draw on, they prefer to keep those assets free of encumbrances, so they hire an attorney to help them with their money problems. No matter what level income, there are people who do not handle money well, so there are debt settlement lawyers to help them out. In addition to professional help, God can provide strength for those who are financially overwhelmed. "Wait on the LORD: be of good courage, and he shall strengthen thine heart: wait, I say, on the LORD." (Psalm 27:14) It would be unwise, though, for a debtor with a smaller line of debt (and presumably smaller income) to hire a debt settlement lawyer. For someone who needs to spread the payments out to 36 months or more, the attorney isn't recommended either. They prefer to finish the payments in no more than two years.

There is an advantage to hiring a debt settlement lawyer, in that the debtor can presume he knows the laws that cover the rights of both the debtor and creditor well enough that he can press harder for settlement than someone else. The time when it is most necessary to have an attorney handling a case is when the debtor is faced with bankruptcy. If the situation has gotten to the point where that is the only way to solve the problem, then hiring an attorney is what must be done. Check out the references of debt settlement lawyers before hiring them, though. Get someone who has handled other clients' cases successfully. Some of the professionals who advertise on line include examples of cases they have handled successfully. Check with the Better Business Bureau for complaints against the firm as well. It is extremely important to hire an attorney who is legit and successful in financial issues.

Some debt settlement lawyers advertise that they can reduce debt by 50 to 65 cents on the dollar, and their fees are based on the amount of savings they actually achieve for their clients, i.e. 25% of whatever was shaved off the total due amount. When the saving is not at least 30%, however, a debt settlement lawyer will waive his fees. Sometimes the professional is really a bankruptcy attorney, and guides a debtor in that direction. Other times, the firm actually negotiates with creditors to reduce the amount of the money due for a lump sum. Where a lump-sum payment is not possible, clients can pay monthly amounts over periods from 9 to 24 months. The fee charged by the debt settlement lawyer is added to the owed amount.

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