What is Debt Settlement?

If you are currently struggling to pay your debt in full, debt settlement may be your best option.
Many Arizona consumers are struggling under the weight of unmanageable debt. In many of these cases, the debt was unavoidable – loss of employment, catastrophic medical bills, or falling home prices may be to blame. In today’s economy, such financial difficulties are far too common and can have devastating consequences. Purchasing a home or car, qualifying for student financial assistance, and maintaining employment may all be hindered by a disproportionate debt burden.

Fortunately, there are options available to reduce your debt load. Debt settlement is a legal process in which a creditor agrees to accept a reduced amount in satisfaction of an existing debt. In many ways, this scenario is considered a ‘win’ for both sides – the consumer is able to move forward with a clean financial slate and the creditor partial fulfillment on a debt that may otherwise have gone unpaid. Despite this fact, renegotiation of a debt is not always an easy process.

Often times, creditors are difficult to communicate with and will take a hard ball approach. An attorney experienced in debt negotiation has to tools necessary to counter these tactics. In addition, the presence of multiple creditors further complicates the problem. Hiring a skilled debt settlement attorney to reduce your debt burden simplifies the process and often results in a favorable outcome for the consumer.

The process is simple. In collaboration with your debt settlement attorney, you will determine a repayment plan that is feasible given your current financial situation. These funds will be safely deposited in an escrow account until a successful negotiation is reached. Your attorney will handle matters from this point on, negotiating with creditors to reduce your debt to a manageable amount.

Is Debt Settlement Right for Me?

Imagine your life without debt. Attorney debt settlement can make that dream a reality.
According to the US Census Bureau, almost 70% of American households are in debt. While some are managing to pay down their bills, the current economic climate has left many families struggling. Recognizing you may need assistance managing your burdensome debt is not always easy. However, in many cases it is the first step towards financial freedom. Take a moment to ask yourself the following questions.

Am I in debt?

 
Do you currently owe unsecured debt in the form of credit cards, medical bills or personal loans?
Is my debt more that I can afford? 
Are you effectively paying down your debt each month or are you struggling to make even the minimum monthly payments?
Am I behind on payments? 
Are you making routine monthly payments on you debt or are you behind on payments by one or more months?
Am I unable to pay my debt? 
Given your current income and debt burden, is it financial unfeasible that you will ever pay off your debt?
Could I benefit from more reasonable contract terms? 
Would you be able to address your debt if the balance or interest rates were reduced?
Am I a victim of credit harassment? 
Is your quality of life currently impacted by intrusive creditor harassment?
If you answered yes to one or more of these questions, we recommend speaking with an attorney regarding the benefits of debt settlement. AttorneyNet connects residents of Phoenix with participating debt lawyers in your local community. Schedule a free consultation today and learn more about the benefits of attorney debt settlement.

Do I Need a Lawyer?

Not all clients require the assistance of a debt lawyer to settle their outstanding debts.
However, hiring an attorney can help simplify an inherently complicated process to help ensure the best possible outcome in your case. In addition, there are other benefits.

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