DEBT SETTLEMENT LAWYERS IN MICHIGAN
WHAT IS A DEBT SETTLEMENT LAWYER?
A debt settlement lawyer is a consumer attorney who specializes in helping individuals negotiate with creditors to reduce or eliminate debt such as credit card debt and loans. Debt settlement lawyers typically have extensive knowledge of consumer protection laws and can advocate on your behalf to provide leverage where appropriate to help their clients to reach favorable settlements.
Violations of consumer protection laws such as the Fair Debt Collection Practices Act and Telephone Consumer Protection Act can help you reduce or eliminate debt if the creditor has violated consumer protection laws. This can help you avoid filing bankruptcy.
The prospect or "threat" of filing bankruptcy can also help you negotiate and reduce debt in some instances since bankruptcy will wipe out the debt resulting in no recovery to the creditor in most instances. Therefore, a consumer attorney who is knowledgeable in both debt settlement laws and bankruptcy can help you file bankruptcy if needed or negotiate with creditors to avoid filing bankruptcy if you can afford to settle your debts.
Violations of consumer protection laws such as the Fair Debt Collection Practices Act and Telephone Consumer Protection Act can help you reduce or eliminate debt if the creditor has violated consumer protection laws. This can help you avoid filing bankruptcy.
The prospect or "threat" of filing bankruptcy can also help you negotiate and reduce debt in some instances since bankruptcy will wipe out the debt resulting in no recovery to the creditor in most instances. Therefore, a consumer attorney who is knowledgeable in both debt settlement laws and bankruptcy can help you file bankruptcy if needed or negotiate with creditors to avoid filing bankruptcy if you can afford to settle your debts.
BENEFITS OF HIRING A MICHIGAN DEBT SETTLEMENT LAWYER
Debt settlement can be a complex and intimidating process, especially for individuals facing large amounts of debt. A debt settlement lawyer can provide expert guidance and representation throughout the negotiation process, ensuring that their clients' rights are protected and that they receive the best possible outcome.
AVOID BANKRUPTCY
By utilizing the knowledge and expertise of a debt settlement lawyer, you may be able to negotiate favorable debt settlements with creditors to avoid filing bankruptcy.
WHAT A MICHIGAN DEBT SETTLEMENT LAWYER DOES
Debt settlement lawyers can help assess their client's financial situation and debt obligations to develop a personalized negotiation strategy to try to settle debt. A debt settlement lawyer typically does not charge you any upfront fee and can help you file for bankruptcy later if you are unable to settle your debts. Planning for contingencies or having a backup plan is always the best route.
The goal of a debt settlement lawyer is to help you reduce the outstanding principal balance by offering a percentage of that amount as a lump sum settlement or a settlement paid through monthly installments. A debt settlement lawyer may even be able to help minimize the credit damage by requesting tradeline deletion as part of the debt settlement. However, negotiating tradeline deletion is not always possible, but it does not hurt to ask.
The goal of a debt settlement lawyer is to help you reduce the outstanding principal balance by offering a percentage of that amount as a lump sum settlement or a settlement paid through monthly installments. A debt settlement lawyer may even be able to help minimize the credit damage by requesting tradeline deletion as part of the debt settlement. However, negotiating tradeline deletion is not always possible, but it does not hurt to ask.
HOW MUCH DOES A DEBT SETTLEMENT LAWYER IN MICHIGAN COST?
Debt settlement lawyers typically charge a fee for services, which can be a flat fee or hourly fee depending on the complexity of the case and the amount of debt involved. At Hadous|Co. PLLC we typically do not charge an hourly or flat fee for debt settlement, and instead usually charge a fee based on the percentage of savings in the event of a successful debt settlement. However, we do offer our services based on a flat fee if that is the client’s preference. While the cost of a debt settlement lawyer may deter some people, the potential savings from a successful settlement often outweigh the fees paid to the lawyer. Additionally, avoiding bankruptcy may be well worth it for some individuals such as persons with substantial assets or non-exempt assets that would be taken by the bankruptcy trustee during bankruptcy.
SHOULD YOU TRY TO SETTLE DEBT ON YOUR OWN WITHOUT A LAWYER?
You should be aware that you can attempt a debt settlement on your own and without a lawyer or any company. You will need to balance the potential benefits and cost savings against the time and stress of dealing with creditors who may or may not be receptive to negotiating directly with the consumer.
However, by using a debt settlement lawyer, consumers can benefit from a professional with knowledge and experience in negotiating with creditors. The prospect of bankruptcy can also be a valuable bargaining tool since many consumers attempt debt settlements as a last resort to avoid filing bankruptcy. Debt settlement lawyers who also handle bankruptcy are aware of this and can use this to effectively advocate on your behalf.
However, by using a debt settlement lawyer, consumers can benefit from a professional with knowledge and experience in negotiating with creditors. The prospect of bankruptcy can also be a valuable bargaining tool since many consumers attempt debt settlements as a last resort to avoid filing bankruptcy. Debt settlement lawyers who also handle bankruptcy are aware of this and can use this to effectively advocate on your behalf.
AVOID DEBT SETTLEMENT COMPANIES AND DEBT SCAMS PROMISING RESULTS
Nobody can guarantee a debt settlement. Simply put, there is no legal obligation for any creditor to agree to settle a debt. Period. That is why companies promising results are typically scams. You can screen debt settlement companies and check complaints by visiting the Consumer Financial Protection Bureau (CFPB) at https://www.consumerfinance.gov. You can also check with the Better Business Bureau https://www.bbb.org.
When weighing debt settlement options to avoid filing bankruptcy, you should avoid debt settlement companies who promise to settle your debts or encourage you to default on your debts in the hope of achieving a settlement. No reputable debt settlement company can guarantee results or a particular outcome. These companies promise you results as part of their sales pitch and then charge you a monthly fee up front, which can add up to thousands of dollars or more on top of the damage to your credit.
By contrast, a debt settlement lawyer can provide you with a realistic assessment of your financial options, the risks associated with defaulting on debt, and can help you plan for contingencies such as bankruptcy as a last resort.
Finally, for some consumers it may make sense to inquire with your credit card companies on your own before hiring a debt settlement lawyer. It does not have to cost you anything to try to negotiate a debt settlement. You can attempt to settle a debt on your own without having to pay anyone by simply contacting the creditor. Many consumers try this before contacting a debt settlement lawyer or debt settlement company with varying levels of success. However, if you try to settle a debt on your own or without a lawyer, you should be aware of the status of your accounts and the passage of time. The passage of time can lead to a delinquent account being charged-off, sent to collections, or sent to an attorney to commence a lawsuit against you to obtain a judgment. A judgment against you can lead to wage garnishment, tax refund garnishments, a judgment lien, or a bank account levy. A bank levy is where a creditor instructs a bank to withdraw money from an account without the account holder's permission pursuant to a court order after a judgment against you.
If you are unable to negotiate a debt settlement on your own, you can still reach out to a debt settlement lawyer to help you try to negotiate a debt settlement or a lower settlement amount. Our debt settlement lawyers in Michigan have helped consumers settle debts and avoid filing bankruptcy.
We have also helped consumers file bankruptcy as a last resort. Sometimes filing bankruptcy is the best option for consumers who qualify for bankruptcy. This is often where the consumer has excessive debt, and who can protect their property with the available state or federal bankruptcy exemptions. For some consumers, filing bankruptcy is much quicker than settling debt and can result in the consumer achieving a fresh start sooner rather than later.
Although filing bankruptcy does have an impact your credit, the bankruptcy impact on your credit is the “dirty little secret” that creditors do not want you to know. Filing bankruptcy results in discharged debt being reported with a $0 balance. This means that you get a “fresh start” and can become a more attractive candidate for credit much faster than settling debt, which can take much longer than bankruptcy, and may not even result in the settlement of all outstanding credit card debts or other debts.
When weighing debt settlement options to avoid filing bankruptcy, you should avoid debt settlement companies who promise to settle your debts or encourage you to default on your debts in the hope of achieving a settlement. No reputable debt settlement company can guarantee results or a particular outcome. These companies promise you results as part of their sales pitch and then charge you a monthly fee up front, which can add up to thousands of dollars or more on top of the damage to your credit.
By contrast, a debt settlement lawyer can provide you with a realistic assessment of your financial options, the risks associated with defaulting on debt, and can help you plan for contingencies such as bankruptcy as a last resort.
Finally, for some consumers it may make sense to inquire with your credit card companies on your own before hiring a debt settlement lawyer. It does not have to cost you anything to try to negotiate a debt settlement. You can attempt to settle a debt on your own without having to pay anyone by simply contacting the creditor. Many consumers try this before contacting a debt settlement lawyer or debt settlement company with varying levels of success. However, if you try to settle a debt on your own or without a lawyer, you should be aware of the status of your accounts and the passage of time. The passage of time can lead to a delinquent account being charged-off, sent to collections, or sent to an attorney to commence a lawsuit against you to obtain a judgment. A judgment against you can lead to wage garnishment, tax refund garnishments, a judgment lien, or a bank account levy. A bank levy is where a creditor instructs a bank to withdraw money from an account without the account holder's permission pursuant to a court order after a judgment against you.
If you are unable to negotiate a debt settlement on your own, you can still reach out to a debt settlement lawyer to help you try to negotiate a debt settlement or a lower settlement amount. Our debt settlement lawyers in Michigan have helped consumers settle debts and avoid filing bankruptcy.
We have also helped consumers file bankruptcy as a last resort. Sometimes filing bankruptcy is the best option for consumers who qualify for bankruptcy. This is often where the consumer has excessive debt, and who can protect their property with the available state or federal bankruptcy exemptions. For some consumers, filing bankruptcy is much quicker than settling debt and can result in the consumer achieving a fresh start sooner rather than later.
Although filing bankruptcy does have an impact your credit, the bankruptcy impact on your credit is the “dirty little secret” that creditors do not want you to know. Filing bankruptcy results in discharged debt being reported with a $0 balance. This means that you get a “fresh start” and can become a more attractive candidate for credit much faster than settling debt, which can take much longer than bankruptcy, and may not even result in the settlement of all outstanding credit card debts or other debts.
SPEAK TO KNOWLEDGEABLE CONSUMER PROTECTION ATTORNEYS AND DEBT SETTLEMENT ATTORNEYS IN MICHIGAN
Debt settlement attorneys can help individuals regain control of their finances and overcome overwhelming debt. By utilizing the knowledge and expertise of a debt settlement lawyer, you may be able to negotiate favorable debt settlements with creditors to avoid filing bankruptcy, ultimately paving the way to a more debt-free future. If you are unable to achieve debt settlements and are a good candidate for bankruptcy, then filing bankruptcy could be your best option.
If you are struggling with debt, you should contact one of our debt settlement lawyers in Michigan to discuss your options and to take the first step towards financial freedom. Attorney Nick Hadous has helped countless consumers file for bankruptcy and settle debt. In addition, he is an accomplished consumer protection litigator and serves on the Litigation Advisory Board for the Institute of Continuing Legal Education (ICLE) where he is a content contributor and published author in consumer protection litigation. If you would like to discuss debt settlements or ways to avoid filing bankruptcy, please contact us for a free phone or Zoom consultation by calling today or using the contact form below.
If you are struggling with debt, you should contact one of our debt settlement lawyers in Michigan to discuss your options and to take the first step towards financial freedom. Attorney Nick Hadous has helped countless consumers file for bankruptcy and settle debt. In addition, he is an accomplished consumer protection litigator and serves on the Litigation Advisory Board for the Institute of Continuing Legal Education (ICLE) where he is a content contributor and published author in consumer protection litigation. If you would like to discuss debt settlements or ways to avoid filing bankruptcy, please contact us for a free phone or Zoom consultation by calling today or using the contact form below.
HOW DOES BANKRUPTCY AFFECT MY CREDIT?
Learn how bankruptcy affects your credit report, the individual tradelines on your credit report and how accounts that are discharged in bankruptcy should be reported on your credit report by clicking the link below:
Bankruptcy And My Credit Report
Bankruptcy And My Credit Report