Consumer Protection Law
Is Hiring an Attorney for Debt Consolidation in My Best Interest?
If you are considering debt consolidation, you’re probably feeling stressed and overwhelmed. You may be getting calls from creditors or collection agencies. You may be wondering about the best way to improve your situation.
There are numerous debt consolidation programs in the United States today. Many of these programs are legitimate and helpful. Unfortunately, many are not. That’s why an attorney with experience in debt consolidation can be an invaluable resource. Your attorney can help you evaluate these programs and find one that best fits your situation.
A successful debt consolidation plan will require a lot of work on your part. To start, gather the following information:
- Draw up a household budget and determine your monthly income and expenses
- Include expenses from the last several months to make sure your budget is on target
- Prioritize your debts
- Keep a record of conversations with your creditors or collection agencies
- Get any agreements made with creditors in writing
An attorney will need this information to help you create an effective debt consolidation plan. An attorney with experience in debt consolidation can help you put together a repayment plan.
An attorney can help you deal with collection agencies. Many people consolidating their debts are influenced by the demands of creditors and collection agencies, regardless of their best interest. You should not expect debt collectors to give you good advice; their concern is whether you can pay off the debt they are calling about. They can be aggressive, and some may even lie.
An attorney can help you by:
- Determining which debts you should pay off first
- Participating in discussions with creditors
- Discussing your creditor’s suggestions with you
- Handling all conversations with creditors
Having your attorney deal directly with your creditors can be a huge relief. Generally, a lawyer will have more experience in negotiation. They can help you get a better deal from your creditors – while saving you the stress of dealing with calls from collection agencies. They can also help protect you from unethical debt collectors by reviewing their suggestions and insisting on fair treatment.
Your attorney is there to protect your best interest. During a debt consolidation, your emotions are probably running high. Your attorney can help you take an objective look at your situation and find a solution that will serve your best interest now and in the future.
Developing a debt consolidation plan can help you avoid the stress and consequences of bankruptcy. An attorney with experience in debt consolidation can help you develop the best possible strategy – and help you improve your financial situation.
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