Consider Hiring a Debt Settlement Attorney
Millions of Americans are struggling under massive amounts of consumer debt. If you are in a similar situation, struggling to stay current on bills, you owe it to yourself and your family to consult a debt settlement attorney. I am amazed at the number of television commercials offering freedom from debt. What these ads don't mention many law suits brought against them by various state attorney generals alleging fraud and deceptive business practices.
What You Need To Know About Debt Relief Companies Typically, they will advise you to stop paying your creditors. The logic here is to encourage your creditors to settle. They will also require you to pay a non-refundable upfront fee which based on some percentage of the amount owed. You will also be required to make monthly payments to them. They will take their monthly fee and are supposed to save the rest in an escrow account for your benefit. The purpose of the escrow fund is to build up enough money to offer a creditor a lump sum settlement. If you are unable to continue making payments, they will likely walk away, taking with them, your money. It may be true that an account in default is easier to settle, however, if you stop paying your creditors, your credit report will only get worse. Another important point to remember is debt settlement is not the same as debt consolidation.
Consider a Debt Settlement Attorney
A debt settlement attorney is first and foremost an attorney. She has invested years and thousands of dollars on law school to earn that station in life. A debt settlement attorney is a trained negotiator, who is at least schooled if not also skilled in the law. Remember, debt settlement is a legal process. A lawyer is better positioned to understand the many laws governing this rapidly changing area.
Attorneys are licensed by their state to practice law. The have taken an oath to represent the best interest of justice and their client. Everything an attorney does is governed by state and federal laws and court rules, and various ethics codes of conduct. Unlike, many debt relief companies that have bait and switch fee structures, an attorney is required to fully disclose their fees, as well as their settlement methods. She must also advise you on all aspects pertaining to the debt settlement process. If your creditors take legal action to collect the debt, or if you decide to file bankruptcy, your attorney can continue your representation.
Sources: http://www.nielsenlawgroup.net/what-we-do/debt-settlement/arizona-debt-attorney/ http://ezinearticles.com/?Consider-Hiring-a-Debt-Settlement-Attorney&id=5923628