You may think that you can handle financial problems on your own or maybe you think that there is no hope for your finances, but the help of a good attorney is invaluable when dealing with aggressive creditors. If creditors are threatening to garnish your wages, foreclose on your property, or institute litigation against you, it may be time to seek professional assistance. A debt settlement attorney will help you understand and protect your rights, negotiate with your creditors, and may be able to counsel you on alternative financing to help you get back on your feet.
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While you may be tempted to try and negotiate with uncompromising creditors by yourself, knowing and understanding your rights in the situation provides bargaining leverage. For instance, many creditors threaten to garnish your employee wages to collect on a debt; however, in most states a creditor cannot garnish your wages without a court judgment. Therefore, a creditor cannot garnish your wages unless they have prevailed against you in a lawsuit. An attorney can also advise you about ways to stop creditors from contacting you at work or talking to your neighbors. Federal law dictates how a creditor can collect a debt and creditors who violate these rules face stiff penalties. In financial situations, knowledge is truly power and the more you know the better you can protect yourself.
An attorney can also help you decide the best way to survive a temporary financial crisis. For instance, a lawyer knows the pros and cons of filing for bankruptcy. Honestly, I think bankruptcy should always be an absolute last resort. However, reminding a hostile creditor that bankruptcy is an option for you may facilitate negotiations. Likewise, your attorney can negotiate on your behalf to lower interest rates or restructure payments until you regain control of your finances.
In short, a lawyer will educate you on your rights against a creditor and provide you with options to rectify your financial situation.
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