Bill struggles are all too common, and for many people in Utah, finding a path to debt relief seems impossible. But with the Law Office of Davis & Jones, financial stability is in your reach.
Creditors and debt collectors may pressure you to comply with a specific debt relief approach – which is most certainly to their advantage, but may or may not be in your best interests. Before you make any decisions, you need to understand all of options. Our experienced attorneys can help with that, explaining the various strategies and offering an expert opinion on how to resolve your financial troubles.
The Importance of Debt Relief
Debt collectors can be quite demanding, as creditors don’t want to accept that they can’t collect the money they’re owed. If phone calls, hostile letters and texts don’t compel you to pay your bills, the collection actions may progress. Fail to find a debt relief solution in time, and any of the following may be in your future:
A creditor can file a petition with the Utah court, suing you for nonpayment of the debt you owe. If successful, your creditor will then be legally authorized to garnish your wages, freeze your bank account, place a lien on your home or personal property and take other collection actions.
A collection lawsuit filed against you can make your financial situation take a turn for the worse. If you don’t respond properly, the Utah court may grant the debt collector the legal right to seize your bank account funds, start the wage garnishment process and attach a lien to your property.
If you ignore a creditor lawsuit or collection lawsuit – or if you don’t respond to the complaint in time – the attorneys on their side will apply to the Utah court for a default judgment. This is likely to be granted, and that means you can expect to experience serious financial consequence.
Non-Bankruptcy Debt Relief Options
Filing for bankruptcy is often the best solution, but you do have other options for restoring your financial stability. These include:
Debt Consolidation Loans
A consolidation loan can cover all of your bills that are in arrears, leaving you with one monthly payment. However, a loan may put your property at risk – and the minimum payment may not work with your budget. Oftentimes the consolidation loan is followed by more debt and your finances can spiral out of control.
Debt Consolidation Companies
A debt consolidation company can negotiate with your creditors to find a mutually agreeable solution. In many cases, the service is more expensive than a bankruptcy filing and still damages your credit. Also, your creditors can cancel the arrangement at any time and creditors who don’t accept settlement terms can still pursue you in court.
Attorney-Led Debt Settlements
Attorneys can work with creditors to negotiate a settlement arrangement, much like consolidation companies. The difference? If you’re working with a lawyer, your creditors will know that bankruptcy may be a possibility – which means they’re more likely to agree to a favorable settlement.
Explore Your Debt Relief Options Today
The Law Office of Davis & Jones, P.C., based in Salt Lake City, offers free attorney consultations to residents of Utah. Our legal team has decades of experience in debt relief, and we can evaluate your financial situation and recommend an effective approach to ensuring a brighter, debt-free future.
For a free consultation to explore your debt relief options with an experienced Utah attorney, contact our office today.