Talking About Filing Bankruptcy

About Me

Talking About Filing Bankruptcy

Hi, I’m Vera Poluccio. When I was going through my divorce, I spent way too much on my credit cards to support the lifestyle I was used to. When the reality of my finances set in, I was unable to recover from the credit card payments. As I slipped into a financial hole, I had to research various ways to avoid bankruptcy. Unfortunately, I was unable to avoid this inevitability, so I hired a bankruptcy attorney to walk me through the process. The attorney was able to help me discharge my debts and start off with a clean slate. My site will cover all aspects of the bankruptcy process. Thank you.

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How A Lawyer Can Help You With Your Debt Problems

Living with debt can be stressful and overwhelming, and it can leave you feeling hopeless, and this is why you should do something about this problem to find a way to get rid of the debt you have. Visiting a family lawyer might be a good place to start, especially if you can find a lawyer that specializes in debt solutions. Here is one method a lawyer might suggest with helping you get out of debt in a shorter amount of time for less money.

Settle The Debt For You

Debt settlement is just one of many types of debt solutions you can look into, and this option offers a lot of benefits. When you settle your debts, the goal is to make agreements with your creditors that allow you to pay less than what you really owe. If you can successfully do this, you could end up getting out of debt with only paying a fraction of what you really owe.

How It Is Done

To use this method, your attorney will first want you to make a list of every debt you owe, including the name of the creditor and the amount. He or she may also want to know if you have experienced some type of hardship that led to this. If so, the attorney may help you draft a letter of hardship to use to help with the process.

Once this is complete, the attorney will begin sending letters to your creditors and making phone calls. He or she will negotiate on your behalf to try to settle the debts for the lowest amount possible. If the attorney is successful at this, you might only have to repay 40% to 60% of the amounts you actually owe. In addition, the lawyer will make sure you are placed on a repayment plan you can afford. This is nice because you will not be required to repay the full amounts all at once.

The Fees

Attorneys that offer this option may charge you a percentage based on the amount you owe, and this would be the fee you must pay to hire them to do this for you. Other attorneys may charge by the hour or offer a flat fee for the service.

This is just one method an attorney can use to help you get out of debt. To learn about other options, visit a bankruptcy lawyer like Hamby & Hamby, P.A.