Debt Consolidation: An Attorney Negotiates Your Debt for You
What is Debt Consolidation?
Debt consolidation is one option to resolve your debts. With debt consolidation attorneys, you can resolve multiple debts with a single payment. Our attorneys do the legwork to negotiate advantageous settlements: we deal with the negotiations, we communicate with creditors, and in situations where there is a debt that has gone to a lawsuit, we deal with the legal proceedings.
Any the best part? In most instances, there are no upfront attorneys fees – we get paid based on how much we save you.
Just to be clear: It’s important to be aware that there are two forms of debt consolidation that are notably different. There is a debt consolidation loan where the borrower takes out a new loan to pay off all of the old loans in full (which we do not offer). Then there is a debt consolidation negotiation service which is basically settling on a group of debts. In a debt consolidation negotiation service, the consumer makes a monthly payment. We use the balance that has amassed from the payments to negotiate on the respective debts.
When would Debt Consolidation be a good fit to resolve my debt problems?
We look at several factors to evaluate when Debt Consolidation might be a good fit to solve your debt issues:
- You have consistent income.
- You are behind or eminently behind on $10,000 to $100,000 in debts.
- You can’t qualify for chapter 7 bankruptcy. Because you make too much money, you have more assets than what you are allowed to keep, or other issues affecting the qualification, Chapter 7 is not an available option for you.
- You are in a profession where you may be disqualified if you file for bankruptcy (for example, financial services). And/or
- You wouldn’t see any debt reduction under the calculation for a Chapter 13 bankruptcy.
What is the benefit of Debt Consolidation and Loan Negotiation
In a nutshell, the benefits to Debt Consolidation are too take out the headaches of debt collection and to reduce your balances. You see, your end of participation in Debt Consolidation is little more than making the monthly payments. In the meantime, HERE IS WHAT WE DO:
- The collection calls STOP. The Fair Debt Collection Practices Act (FDPCA) and the Florida Consumer Collection Practices Action (FCCPA) require debt collectors to stop communicating with you after an attorney notifies your creditors you are represented. So they are forced to stop calling you about the balances.
- We deal with the collection companies and negotiate settlements on your behalf. The collection companies take us seriously because we know the law, and in some cases we sue them if they break it!
- We deal with any lawsuit issues. The big national debt consolidation companies with enormous budgets don’t talk much about one IMPORTANT issue. They CAN’T represent you in a collection lawsuit. We can. A new lawsuit; a judgment; a garnishment of your income or bank accounts are all be serious issues, and you will have able representation should they come up.
- We work out a fair settlement agreement that ensures you aren’t being taken advantage of. We look out for your rights in working out the settlement terms.
What are the risks of debt settlement?
As with any debt resolution option there than full payment on the balance, debt consolidation can result in credit impairment. Furthermore, there is not an automatic stay in debt consolidation like there is in bankruptcy, so it is possible that litigation could continue or arise during the process. Finally, in some instances, settle debt can result in tax liability, but generally, the reduced balances on the debt, even with added tax liability, is still more beneficial than full payment.
If you have questions about how debt consolidation compares to other debt problem solving alternatives please click to schedule a complimentary consultation with one of our qualified attorneys.
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