If staying on top of your bills has become a major struggle, a debt consolidation attorney in Salt Lake City may be able to help resolve the situation. Combining your outstanding debts into a single affordable payment can be an effective strategy for regaining your financial footing, and working with a lawyer makes the process much easier.
Legal representation isn’t a requirement, and many companies offer to work with creditors to settle and consolidate debts. For the best outcome, however, you’ll want to hire an experienced debt consolidation attorney. Here’s why.
Explore All of Your Debt Relief Options
Many debt consolidation attorneys – including the professionals at the Law Office of Davis & Jones, P.C. – offer free, no-obligation consultations. Consider this as an opportunity to get sound legal advice regarding all of your debt relief options.
Consolidating your debts through Chapter 13 bankruptcy might be the best way to restore your financial stability. Then again, after reviewing your situation, a lawyer might recommend pursuing an attorney-led settlement or filing for Chapter 7 bankruptcy. And with their experience in debt relief, a lawyer can help you decide on the ideal path to a brighter financial future.
Pay Off Debts for Less Than the Amount Owed
Debt consolidation companies may attempt to negotiate settlements with your creditors, and they might have some success. With an experienced attorney, the odds of securing favorable settlements – and thereby reducing your debt load – are much greater.
Lawyers know how to negotiate for the removal of compounded interest, late fees and over-limit fees, all of which can lower the total amount you have to pay back. And if you have an attorney on your side, your creditors will know that filing for bankruptcy is a possibility. As such, they’ll be more willing to negotiate.
Have an Expert Handle Your Creditors
Hire a debt consolidation attorney, and you won’t have to speak with your creditors. Your lawyer will take over the communications, putting their negotiating skills and experience to work to help you come out on top.
That being said, there’s always a chance that negotiations may break down. If one of your creditors takes legal action to collect the money you owe, an attorney can provide you with the representation you need. A debt settlement or consolidation company won’t help you face a lawsuit, but you’ll likely still have to pay for their services.
Stabilize Your Financial Situation
Another significant benefit of hiring a debt consolidation attorney is peace of mind. You’ll have a payment that fits your budget and lifestyle – and not having to juggle the bills or deal with creditors calling will certainly reduce your stress.
You’ll pay off your debts over the course of three to five years, and once the payment period is over, you’ll be released from your liability for any eligible debts that remain. Your debt consolidation attorney will craft a reasonable repayment plan, and you’ll know exactly how many months the plan lasts. With the end date in sight, you can begin planning for a fresh financial start.
Downsides to Debt Consolidation Companies
Many people don’t realize that debt settlement and consolidation companies are for-profit businesses. And while they do offer services, they also want to make money – and quite often, their fees are rather high.
In addition, your creditors are under no obligation to negotiate with a consolidation company. They don’t have to agree to let you pay a lesser amount, and if a creditor does accept a deal, they can change their mind and take you to court. Opt for debt consolidation through Chapter 13 bankruptcy, and your repayment plan will be enforced by the bankruptcy court.
Deciding on a Debt Consolidation Attorney
Hiring an experienced lawyer is a much better use of your money than paying a debt consolidation company. You can easily find qualified attorneys in Salt Lake City, as countless law firms offer debt relief services. But, choosing the right one to help you out of your financial crisis can be a challenge.
How do you decide which lawyer to hire? To narrow down your options and decide on a debt consolidation attorney, take the following steps:
- Browse the websites of local lawyers to determine how much experience they have in debt relief
- Check the Utah bar association directory to confirm that the attorney is a member in good standing
- Read online lawyer reviews to see how clients feel about the quality of their legal services
Once you’ve done all of that, schedule consultations with the attorneys you’re considering. Approach the meetings as an interviewer looking to hire someone for a job, asking plenty of questions about the services they provide and their opinion on your debt relief options.
After sizing up several local attorneys, you should have a pretty good idea of which one you want to hire. Trust your intuition and choose the lawyer you believe has your best interests in mind.
Affordable Debt Consolidation in Salt Lake City
If you’re looking for a debt consolidation attorney in Salt Lake City, the Law Office of Davis & Jones, P.C., can meet your needs.
We specialize in debt relief – and we’re not here to talk you into debt consolidation or filing for bankruptcy. Our goal is to give you the facts on all of your options, then work with you to decide on the right route to financial freedom. Our highly skilled lawyers have helped more than 20,000 Utah residents resolve their debts, and we’re ready to put our expertise to work for you.
For more information on the Law Office of Davis & Jones, P.C., and our affordable legal services, or to schedule a free, no-obligation with a trusted debt consolidation attorney in Salt Lake City, contact us today.