Are you tired of looking at the stacks of bills and threatening letters from creditors on your desk? It can be time to confront your debt.
If you owe a large amount of money, you may benefit from hiring a debt relief attorney to review your options and help you get back on your feet.
What Is a Debt Relief Attorney?
A debt relief attorney helps you reduce your debt. In addition, they can help you stop harassment from creditors, and even get your finances in order. This will help you move past your debt and allow you to plan for your financial future. Part of your attorney’s role can be to help you set up a debt relief plan.
Why You Need a Debt Relief Plan
A debt relief plan is your lifeline to getting out of debt and back on your feet. In this plan, you and your attorney will negotiate with your creditors to reduce your debt. However, this can require you to come up with the money to pay off your creditors. A good example is if you have a large amount of credit card debt. If you pay a large sum of what you owe, they might be willing to reduce your overall debt. However, you will need to pay a large chunk of money to the credit card company to make this plan work.
If this is not feasible to make these payments, then you should talk to your attorney about filing for bankruptcy instead.
What Are the Advantages of Hiring a Debt Relief Attorney?
There can be many benefits to hiring a debt relief attorney. Some of the top benefits can include reducing your overall debt and protecting you against litigation.
When it comes to reducing your debt, your attorney will work with your creditors to lessen the amount you owe or arrange for a payment plan. Negotiating debt is not something you can handle on your own. This is a great option if you have an income and are just falling short of making your monthly payments. Negotiating the debt down can make the payments more feasible. However, establishing this can get complicated and you need an experienced attorney to work with your creditors on your behalf.
Protecting you against litigation can be more important. Your creditors could sue you over your debt or missed payments. Your attorney knows the ins and outs of the law to protect you.
When Should You File For Bankruptcy?
In some cases, filing for bankruptcy can be your solution to debt relief. It’s essential to work with your attorney to determine when the time comes to file the bankruptcy paperwork. If you are unable to negotiate your debt down or pay off your debts in one lump sum, bankruptcy can be the best option. You should also consider bankruptcy if you still cannot afford the monthly payments even after the amount of debt is reduced.
When you go down the path of bankruptcy, a bankruptcy attorney will work with you to determine which type to file and the pros and cons of each. The most popular types are Chapter 7 and Chapter 13. These are very different and have different requirements you must meet. Chapter 7 can require liquidation to pay off your debts, whereas Chapter 13 requires a repayment plan.
Contact an Attorney
Do you need an Oklahoma City bankruptcy attorney to help you get debt relief? It’s crucial to hire an experienced attorney to help you determine what you can and cannot do and answer all of your questions so you know what to expect. Don’t let debt ruin your life. Call (405) 529-9377 for a free case review.