Debt is a heavy burden to bear, especially by yourself. Some people get so stressed out that they simply add to the already existing debt and forget about trying to develop or establish a decent credit rating altogether. In such cases, the problem only gets worse, and the burden gets heavier to carry. The good news is you don’t have to carry this burden alone. You do have options, and there are professionals who can help you find your way out of debt, even when it seems unlikely.
A Lawyer Knows Your Rights
Sometimes it’s hard to know what your rights are when it comes to debt collectors. They constantly call, send a barrage of written bills, and some will even threaten you over the phone. One day you send a payment that is only a few dollars, and you do this knowing they have accepted small payments before. Suddenly, this one comes back to you, but now you don’t know if you are obligated to continue making payments or not. These are just some of the many scenarios that our lawyers can help you understand and deal with in a legal manner. You do have financial obligations, but you also have rights. In fact, in some situations, you can file a lawsuit when your rights are violated by collection agencies. You don’t have to accept harassment and threats simply because you had an outstanding balance.
Know Your Debt Options
There are more options than you realize when it comes to handling your debts. You can offer a one-time payment that is a fraction of what you owe. You can make a payment plan. You might even consider filing bankruptcy. Even then, you need to know the details of the different types of bankruptcy. Not all of them liquidate your debt, and they each have their own benefits and downsides. It also makes a difference if you are a business owner or not, or if you have already filed your taxes.
The best tool you can equip yourself with is information, followed directly by influence. Even if you know all of your rights, it helps to have a debt lawyer who can help you enforce those rights. Sometimes this just means one phone call letting the creditor know that you have a lawyer. Other times, it takes quite a bit more. If you are serious about managing your debt, it’s time to take a look at all your options completely. No matter your decision, it’s best to have a lawyer experienced in managing debt and creditors on your side, especially when facing foreclosure and wage garnishment.
Have you tried to manage debt collectors alone? Share your story in the comments and be sure to share this post on Facebook and Twitter.