While it is not uncommon for people to carry large amounts of debt, as long as regular paychecks continue to happen, the payments get made and no one worries. However, in the present with COVID-19 causing businesses to cut hours and in some cases close altogether, some individuals are finding they are falling behind on their obligations and need the assistance of a debt settlement attorney.
You don’t have to make time to come into our office for consultation, we can do virtual meetings and determine the best option for your unique financial situation.
A debt settlement attorney does not work like a debt consolidation or consumer credit counseling where you make one payment towards the actual balance owed on all your debts. Instead, a settlement works as a negotiation where you pay back a portion of the balance owed. This allows individuals to get caught much more rapidly on their past due and large balance accounts.
There are a few different debt relief methods:
- Keep making minimum payments and hope the best and wind up paying the full balance
- Credit counseling involves taking all your debts and allowing you to make a single payment to the agency who then distributes it to your creditors. You still pay 100% of your balance and often get a large number of late payments reported to your credit bureaus.
- Debt settlement – The principle balance owed gets negotiated downward and you wind up owing less. This is a much faster debt relief option.
- Bankruptcy – This should always be the last resort when no other method is an option. A formal declaration of bankruptcy halts credit collection calls and contacts and a portion to all of the unsecured debt may be discharged (no longer owed).
If you need a debt settlement attorney with the experience and tenacity to negotiate your debts downward with a high success rate, Galler Law can help you. Contact our team for your free consultation today by calling (770) 671-8830 or sending us an email.