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Getting Help from Debt Relief Lawyers
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Posted On :
Jun-06-2013
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Article Word Count :
546
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Facing financial challenges is never easy. Each family's situation includes a unique set of circumstances and factors that must be considered.
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Facing financial challenges is never easy. Each family's situation includes a unique set of circumstances and factors that must be considered. Consulting debt relief lawyers can help to pinpoint problems, set priorities and make an effective action plan. These lawyers have the expertise to evaluate your situation and suggest strategies you may not have considered.
Getting Your Information Together
When seeking out an attorney, you will need to have complete and accurate information on income, expenses and bills (paid and unpaid) in-hand. If repossession, eviction or foreclosure proceedings have begun, bring copies of all legal documents to your consultation. Don't forget liabilities such as taxes, child support and student loans. Informal family loans, overdraft protection loans and payday loans should also be disclosed, to give the attorney a complete picture.
What Are Your Priorities?
The answer to this question may be determined by the type of challenges you are facing. Do you need to protect a good credit score or repair a bad one? Can you achieve significant relief by refinancing your home or re-negotiating credit terms to improve cash flow? Are you facing imminent bankruptcy? The answers to these questions will help you determine what to focus on first.
Simple Steps You Can Take
Merely discussing your situation with debt relief attorneys can restore your peace of mind. One of the most powerful threats a debt collector makes is "legal action." This is especially scary if you have no money and will have no income in the foreseeable future. However, a lawyer may determine that your situation is not subject to any legal judgment, so you should not fear these threats.
Your attorney may also be able to refer you to a qualified credit counselor to review your situation and suggest repayment options. If you must declare bankruptcy, credit counseling will be a required component of the process.
Solutions Provided by Debt Relief Lawyers
- Negotiate with Creditors – Most creditors would prefer to re-negotiate credit terms than suffer losses to bankruptcy. Debt relief lawyers may be able to obtain lower interest rates, lower your payments, defer or remove penalties or negotiate a lower payoff. If you can raise a lump sum, your attorney can negotiate a reduced lump sum payment as settlement in full.
- Help You Review Options – There are no instant solutions to credit problems and maintaining or improving your credit score will take both time and money. Many people struggle for years with an impossible financial situation and end up in bankruptcy court wondering, "Why didn't I do this sooner?" Knowledgeable debt relief attorneys can help you review your financial options and make the necessary decisions to solve them.
- Answer Bankruptcy Questions – After reviewing your finances, your attorney may recommend one of several bankruptcy options. Under Chapter 13, debts are repaid over 3-5 years. Under Chapter 7, unsecured debts such as credit cards and medical bills are eliminated in six months or less. In most jurisdictions, you can declare bankruptcy and still keep your primary home and vehicles.
Your debt relief attorney can be a valuable partner on the road to financial recovery. Start today to take the necessary steps to reach your goals!
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Article Source :
http://www.articleseen.com/Article_Getting Help from Debt Relief Lawyers_268038.aspx
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Author Resource :
The author has an immense knowledge on debt relief lawyers. Know more about debt relief lawyers related info in his website http://www.chapter7attorneys.com/content.aspx?page=bankruptcy-debt-relief
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Keywords :
chapter7attorneys.com, debt relief lawyers,
Category :
Finance
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Finance
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