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The Benefit of Having a Lawyer for Debt Negotiation

The Benefit of Having a Lawyer for Debt Negotiation

Posted By Marshall Schultz || 12-Jun-2013

There are numerous debt relief and debt settlement firms in the Detroit area who claim they will be able to help you negotiate your existing debts to the point where you will only be required to pay a portion of the original loan value. While promises of debt relief sound great, these type of companies commonly make promises they cannot, or do not plan to, keep. Many also charge exorbitant fees to do so. Debt relief negotiators also tend to advise their clients to stop making regular payments so they will default on their loans. They may say it will help in their negotiation with your creditors, however in many cases, the debt relief company already has a working relationship with the creditor, and defaulting on your loan will only increase the amount you owe and cause irreparable damage to your credit report.

The fact of the matter is that although some creditors may be willing to re-negotiate your debt, they are not required by law to accept partial payment on a debt. Once you sign an agreement or loan, you are making an obligation to repay the entirety of the loan. If you are unable to do so, the creditor has within their right to sue you for nonpayment of your debt.

If you have been able to stay current on your bills, or even if you haven't, we strongly advise you contact our offices and speak with a skilled debt negotiation lawyer as soon as possible. When we engage in debt negotiation our goal is to get you the lowest possible settlement. One advantage of working with our debt negotiation lawyers is that creditors, and debt collectors, tend to be more willing to settle with our lawyers because they know we understand their tactics, and we know how little they are actually willing to accept. In cases where creditors indicate an unwillingness to settle, having an experienced bankruptcy firm on your side may help them realize it is in their best interest to negotiate the settlement of your debt.

Do you find yourself wondering, "Do I need a bankruptcy attorney to help with my financial situation?" If so, our attorneys can help. Whether you need debt negotiation services, you want to file for bankruptcy, or you want to find out about the many alternatives to bankruptcy, contact the Law Offices of Marshall D. Schultz today.

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