DEBT RESOLUTION & DEBT SETTLEMENT
Debt Resolution & Mediation
If you have been struggling with large amounts of debt, or have been unable to make your monthly payments, you may feel like you are alone. Although this situation can be very stressful, you do have options.
One of the best things you can do to avoid liquidating your assets or declaring bankruptcy is to negotiate with your creditors. However, this can be very intimidating experience for many people. This is when a skilled finance attorney can really help.
David Soble and his legal team are highly skilled and knowledgeable attorneys who can negotiate with your creditors for you.
How can Debt Mediation help?
You may feel like talking to your creditors won’t do any good when you are overwhelmed with missed payments, but it’s actually one of the easiest ways to make your debt more manageable.
Many creditors will be willing to settle for a smaller sum or will be willing to give you more time to make your payments. There are many different tactics you can use. If there’s been an extenuating circumstance, like a family emergency, that’s been causing the missed payments, creditors may be sympathetic to that and be willing to give you a little more time to get back on your feet. If you have a steady income, you may be able to negotiate a scheduled payment plan that you can afford. If you have assets that you are willing to sell, they may be willing to lower the overall amount of debt slightly for a lump sum payment. Everything is dependent on your individual situation.
Common Forms of Debt
There are many different types of debt and each needs to be negotiated differently. The most common forms of debt are:
Credit card debt: After a certain amount of missed payments, many creditors will be willing to accept a settlement for less than you owe, as it is less costly to them in the long run.
Car loans: Many car loan companies are willing to give you more time on your payments, depending on your situation. Timely communication is key.
Mortgages/home loans: There are many strategies for negotiating real estate debt, however, you will need a real estate lawyer. David Soble also offers real estate law services.
Medical debt: Early negotiation is key with medical debt. You may be able to get a discount on your bill with a down payment or set up a payment plan.
Student loan debt: Student loans can be very difficult to negotiate, but with some expertise, you may be able to convince your lenders to accept delayed payments, giving you more time.
Before you approach your creditor, bank, or speaking with a ‘debt settlement’ company, consider speaking first with attorney David Soble and his legal team. Short of filing bankruptcy, debt mediation by an attorney like David Soble and his legal team, is an excellent way to approach creditors.
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DEBT RESOLUTION & MEDIATION
Frequently Asked Questions
Top Debt Resolution Questions
Sure you can enter into a debt management plan directly with your creditors. However, there remains a level of hostility that clients experience from creditors. It’s in these cases an attorney can help negotiate a payment plan with creditors and keep them from contacting and harassing a debtor.
Short of filing bankruptcy, debt mediation by an attorneys like David Soble and his legal team is an excellent way to approach creditors.
What about working with a debt settlement company?
Has a debt settlement company asked you to stop paying your bills?
Consider what will happen if you stop paying your bills:
1. You will incur late fees, penalty interest and other charges. Creditors will be angry and likely step up their collection efforts against you.
2. Debt settlement companies may settle some of your debt initially, but the penalties and fees of past payments will add to the debt and your responsibility.
3. The effect on your credit score and your future use of credit.
4. Creditors may bring a lawsuit against you while settlement companies are waiting for an amount they can use to negotiate.
5.Settling debts results in taxable income. (Make sure you speak with an attorney about 1099-C).
Only licensed attorneys can represent your legal interests. Don’t be an ‘enemy of your own money.” Call us before you sign any ‘debt settlement’ agreement.
What are some “red flags” I should look for when being called by a debt settlement company?
You should avoid doing business with any debt settlement company that promises to settle your debt if the company:
1. Charges any fees before it settles your debts;
2. Touts a “new government program” to bail out personal credit card debt;
3. Guarantees it can make your debt go away;
4. Tells you to stop communicating with your creditors;
5. Tells you it can stop debt collection calls and lawsuits;
6. Promises you guarantees that your unsecured debts can be paid off.
I never signed an agreement that I am now being sued over. Can I be held legally liable?
Even if you feel that you did not enter into an agreement, a court may find that you are bound by a contract pursuant to the legal doctrine of ‘promissory estoppel.” The court will determine if (1) a legal relationship either exists or is anticipated between the parties, (2) representations are given in circumstances that lead the other party to assume the promise will be performed, (3) reliance by the other party on the promise or representation to their own detriment, and (4) it would be unconscionable for the promisor to go back on their promise.
Why use an attorney instead of a debt settlement company?
While you can negotiate with creditors yourself, it is highly recommended that you use a lawyer.
Experienced finance attorneys have an extensive knowledge of the laws and regulations surrounding debt and credit usage, and they will be able to use this to your advantage.
When it comes to going up against a large bank or credit card company, only a licensed attorney can provide you with legal advice about the federal and state legal protections available to you.
Experienced attorneys will ensure that legal proceedings are fair and that creditors are not hassling you unlawfully.
Lawyers also have extensive experience in the practical dealings with creditors. They know what options they will be most likely to settle for and how to get you the best deal quickly and efficiently, so that you can stop worrying about your debt and can work to pay it off quickly.
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