Detroit Debt Relief Attorney
Different Types of Debt Relief
There are several different types of actions that could be taken to help you get your unpaid debts under control. At our firm, the Law Offices of Marshall D. Schultz, we provide a wide range of services to assist those that are struggling to survive and cannot pay their bills. Overdue bills create a terrible and stressful situation. Families suffer an extreme degree of anxiety when there is a serious financial situation. There is a range of debt relief options that could be employed to help you.
Filing for Bankruptcy
Filing for Chapter 7 bankruptcy gives you the opportunity to discharge your unsecured debt. These are debts in which there is no collateral, including credit cards, medical bills, personal loans, utility bills and some others. If you want to take legal action that will give you the most relief, bankruptcy certainly does it. Not everyone wants to file bankruptcy, or qualifies.
Some people may get the relief they need by filing Chapter 13. This could be the best solution when you own a home or other property. This form of bankruptcy allows you to pay off your outstanding debt over a period of time, usually 3 – 5 years, in one payment each month. At the end of the process, any remaining debt is discharged. Either option could work to resolve your financial difficulties in a highly effective and final manner.
Debt Negotiation and Debt Settlement
Debt negotiation is another option. When we get involved in resolving clients' finances, we take on the entire problem and work to get it resolved and under control. If you are being hounded by creditors, you should contact us and let us review your situation. It may be possible to negotiate a better interest rate, lower payments or a payoff amount that is far, far lower than the original debt.
In many cases, these debts are already so overdue that the original creditor has sold it to another company – a collection agency. These are some of the most aggressive in the industry, and can make your life extremely unpleasant.
If you are struggling with a home loan that now exceeds the current market value of your home? Allow us to review your loan documents. You may have excellent options for taking action to get your loan terms modified. There are various government programs, but understanding how to apply and get a modification can be confusing, and lenders can be difficult to work with. Get our firm involved before the situation gets worse. There are several options that could help you, and you deserve to find out what could be done to reduce your interest rate or reduce the value of your mortgage overall. You may need to have legal action taken for you in foreclosure defense.
Collection agencies are restricted in what they can do or say, and if you are being abused or harassed, it may be possible to file legal action and recover damages – money that will be paid to you in damages. If you need a Detroit debt relief lawyer to work out a resolution to your debt problems, our firm can help.
Once we are representing you, your creditors no longer have the right to contact you, and can only speak with us. We take on the problem and work out the lowest possible settlement we can for you. This is usually far lower than you could arrange if trying to negotiate the debt yourself. One reason this is effective is that the collection agency knows we could just advise you to file bankruptcy, and in that case, they will lose it all. They usually are much more willing to make a deal that is favorable to you under these circumstances. We know how to apply pressure, get results, and to help you get your debt problems under control.
Contact our firm in Detroit or Southfield for more information.
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