If you are struggling with a large amount of debt, there are several options at your disposal so that you can achieve relief and regain your financial freedom. Not all of these options are created equal, however. Resolvly can help provide a clear path forward and connect you with an experienced debt resolution attorney.
A single misstep during perilous financial times can compound your problems and leave you sinking deeper into debt. Unfortunately, many consumers make the mistake of trying to resolve their debt on their own, or worse, hiring a debt settlement company.
Hurdles of Going It Alone
The reality is that debt collection laws can be quite complicated. It can be all too easy for a dishonest creditor to take advantage of you during hard times. Negotiating your debt down can be difficult without the help of a professional.
Attempting to pay off large volumes of debt can lead many consumers to contemplate bankruptcy. While this may seem like an easy out, it will often ruin your credit for years. To make matters worse, it will likely require that you liquidate your assets. This process rarely dismisses all of your debt.
Partnering with a Debt Settlement Company
As we mentioned above, going it alone is never a good approach when you’re seeking debt resolution. That does not mean that you should partner with a debt settlement company, though, as these services often lead people deeper into debt.
Most of the time, a debt settlement company will encourage you to stop paying your creditors altogether and instead make those payments to them. They will use a portion of these funds to attempt a settlement with your creditors, minus a sizable fee for their services, of course.
While you wait for them to strike a deal, your debt will grow, and your credit will tank. Also, there is a good chance that the company will not be able to achieve that great of a deal, leaving you with a sizable amount of debt and a poor financial history.
When to Hire an Attorney
Hiring an attorney that is well-versed in debt settlement is by far the best route. The following are some strong indicators that it is time to speak to an attorney:
- You have substantial debt
- You are facing wage garnishment
- You are being sued
- You are contemplating bankruptcy
If you wait until you have already filed for bankruptcy or the lawsuit is closed, an attorney will not have as many options at their disposal. By working with an attorney upfront, they can help you to achieve a debt dismissal.
Debt Dismissal vs. Debt Settlement
If you are struggling with unpaid debt, then you have likely heard the phrases “debt settlement” and “debt dismissal.” A debt settlement company will attempt to do just that. They will try to strike a deal with your creditors for a reduced amount.
A financial attorney can often achieve better deals with creditors by pursuing debt dismissal. If your debt is dismissed, you will be released from any financial obligations to that particular creditor.
How to Find the Right Attorney
Finding the right debt dismissal attorney can be very challenging to do on your own. The best approach is to contact Resolvly. We will connect you with a talented legal team that will fight for you!
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide to connect with consumer protection attorneys that specialize in debt resolution. The Boca Raton-based company was founded in 2015 and has helped thousands of Americans to find the right legal solution to reduce or dismiss their unsecured debt.