If you are in a lot of debt, it can feel like there is no end in sight. Various situations can lead to accumulating a lot of debt that you are unable to pay down. Job loss, poor financial decisions, unexpected medical bills, and other events can lead to relying on credit cards and loans that you cannot pay off. If you are in this situation, you may need legal help to get your finances back to where they need to be. Here are three ways a lawyer can help you if you are in debt.
Determine If Bankruptcy Is The Right Option
If you are deep in debt, bankruptcy is an option that you may want to consider. While you may think of it as a last resort, it may be the best choice for your needs. A lawyer who works in bankruptcy law can help you determine whether or not you should file and whether you should file for a Chapter 7 or Chapter 13 bankruptcy. With a Chapter 7 bankruptcy, your assets are sold to clear your debts. With a Chapter 13 bankruptcy, you keep many of your assets, but you must pay back your debt over a designated period.
They Can Negotiate With Your Creditors
Another way that a lawyer can help you is by negotiating with your creditors. Often bankruptcy lawyers will deal with your creditors to work out a settlement or payment plan as an alternative to bankruptcy. In many cases, this is a fantastic option since there is less of an impact on your credit score. If you need to settle your debt with your creditors or come up with an agreement that you can afford, you may want to look into the services of a debt relief lawyer.
They Help Get The Best Outcome
If you are in a significant amount of debt, the best outcome is one where you can see the light at the end of the tunnel. A lawyer can help you determine what the best course of action is for your needs. Often, people with high levels of debt struggle to come up with a plan to get out of it. A lawyer will be able to provide the knowledge that you need to get out of debt and on the way to financial security.
If you are in debt, there are a few ways that a lawyer can help. First, they can help you determine if bankruptcy is the right route for you. They can also negotiate with your creditors to come up with a more affordable repayment plan or settlement. If you are struggling to find a way forward with large amounts of debt, hiring a lawyer will help you find the right plan of action.
Reach out to a debt relief lawyer today for more information.