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What kinds of debt help can an attorney provide besides bankruptcy?
What kinds of debt help can an attorney provide besides bankruptcy? Can an attorney settle or negotiate credit card debt without filing bankruptcy?
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Are Credit Card Debt Settlement Companies Legitimate?
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Answers
A bankruptcy attorney can often provide several different services that other debt relief providers cannot. These options range from bankruptcy, debt settlement and debt negotiation.
One of the most powerful tools an attorney has is simply the "threat" of bankruptcy. If an attorney contacts a clients creditor and explains that he or she is looking for some options to avoid having to file for bankruptcy, creditors listen. The reason is, if a bankruptcy is filed, creditors know that they will not get any of their money and there's nothing they can do about it.
Leveraging bankruptcy laws to force creditors to negotiate a more realistic repayment option gives debtors a great deal of options. In the event that creditors still refuse to negotiate, and bankruptcy is not a viable option, the attorney can help keep legal actions at bay while the accounts are allowed to go into default and an interest bearing account is set up to allow the debtor to build up some cash to settle the debt later.
Obviously, none of these options are as effective as filing for bankruptcy, but in some circumstances, they can be the more appropriate option.
Talk to a Bankruptcy Lawyer about your options regarding getting help with debt relief to find out more about what an attorney can offer you.
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Posted by Staff Writer on 01 Apr 2010
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