Orlando Individual Debt Settlement Law Firm
If you have fallen behind on credit card payments or cannot make your credit card payments, individual debt settlement may be an option to help you get back on your feet and eliminate your debt. With individual debt settlement, your Orlando debt settlement lawyers at Legal Counsel, P.A. can negotiate with creditors to accept a lower payment than you might owe to settle your debts. Individual debt settlement is not the right path for everyone, and it can take some time to settle debts, therefore, it is wise to speak to our debt settlement lawyer at Legal Counsel, P.A. in Orlando, Florida before beginning the debt settlement process. There may be other options available to you. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
Benefits and Drawback of Debt Settlement
Debt settlement has several benefits. If you cannot pay your credit card debt and want to avoid filing for bankruptcy, debt settlement might be an option. In general, for debt settlement to work, you must have already reached the point where you can no longer keep up with your credit card bills and have missed payments. In some cases, credit card companies and lenders are willing to settle a debt for a fraction of the amount owed if they believe that there is no other alternative to be paid.
What are the drawbacks of debt settlement? Debt settlement usually involves damage to your credit score. However, if you have already missed payments on credit card bills, your credit score has likely already suffered a hit. With debt settlement, you will likely put the amount of money you have put towards paying your credit card bills into a special account. Once our debt settlement lawyers believe that the money is sufficient, our lawyers will negotiate with the credit card companies to settle your debt for the amount in your account. Another drawback to debt settlement is that you may owe taxes on the amount your creditor forgives. Our debt settlement lawyers in Orlando, Florida can look at your situation to determine whether you will owe money.
Our debt settlement lawyers at Legal Counsel, P.A. can review your current situation, your debts, and your options. Do not stop paying your credit card bills if you can afford to continue to pay your bills. If you have missed payments already and creditors are calling, contact Legal Counsel, P.A. as soon as possible to learn more about your debt settlement options. Our debt settlement lawyers may be able to help.
How a Lawyer Can Help Negotiate Debt Settlement in Orlando, Florida?
While it is possible to negotiate a debt settlement without a lawyer, it is highly beneficial and recommended to have a lawyer by your side through the debt settlement process. When negotiating a debt settlement for less than what you owe, it is important that the creditors agree to forgive your debt for the lesser sum in writing. Failing to properly document your debt settlement can result in the creditor possibly pursuing you for the remaining amount owed.
You may need to wait a period of time before settling the debt with the debt settlement process for example, you may need to build your savings while your debt settlement lawyer negotiates with creditors, which may mean that credit cards might go unpaid. Our debt settlement lawyers at Legal Counsel, P.A. in Orlando, Florida will respond to threats of lawsuit, help you understand what your rights are if you face a lawsuit for an unpaid debt and assist you with negotiating with creditors and can also review your financial situation and help you understand whether bankruptcy is a better option. Debt settlement can take years before it is finalized. Sometimes bankruptcy is a better option because you may file right away, clear your debts and begin repairing your credit sooner.
Which is Better: Bankruptcy or Debt Settlement?
If you cannot pay your credit card bills, you may have several options. One of the two options to getting out of debt is bankruptcy or debt settlement. Both options can result in the elimination of your debt, both options also require a different means to the same outcome. For example, both ways can impact your credit differently, but still eliminate your debt.
With bankruptcy, most or all of your debts will be eliminated. Bankruptcy can get you out of debt faster than debt settlement in most instances. A bankruptcy can stay on your credit report for anywhere between seven and 10 years. When you file for bankruptcy, your credit score will suffer damage, but, once you file for bankruptcy you may be able to take steps to rehabilitate your credit. While it might be difficult to qualify for certain loan types, you may still be able to qualify for loans at higher interest rates. Legal Counsel, P.A. employs a debt settlement lawyers in Orlando, Florida who can help you understand whether bankruptcy or debt settlement is your best option.
If you have some cash on hand, you may be able to negotiate with creditors to accept a lessor amount than you might owe through debt settlement. If you do not have cash on hand, and cannot pay your debts, over time you may be able to save money to begin the debt settlement process. How fast your debt settlement will take depends on how much you owe, how much cash you have, and how willing your creditors are to work out a settlement. In some cases, you may not be able to afford the settlement amount that creditors seek, in which case, bankruptcy may still be your best option. In other instances, bankruptcy may be the better option if you want to begin rehabilitating your credit immediately. The debt settlement process can sometimes take years. Legal Counsel, P.A. employs debt settlement lawyers in Orlando, Florida who can review your situation, estimate how long the debt settlement process might take and help you negotiate the best possible settlement amount with creditors.
If you are falling behind on bills, you might be overwhelmed and stressed. You may have legal options available to eliminate your debt. These options can include debt settlement and bankruptcy. Fortunately, you do not have to navigate the debt settlement process alone. Contact our debt settlement lawyers in Orlando, Florida who can negotiate a settlement for your debt that may be lower than what you currently owe. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-982-4321.
