Speak With Debt Settlement Attorneys The Wink Law Firm to Understand Your Options
If you’re suffering from overwhelming debt, you may be looking for any way to get debt relief.
You’ve probably heard about debt settlement as an option. Maybe you’ve seen the commercials on TV or the billboards on the highway. But those companies don’t always have your best interests at heart.
At The Wink Law Firm, debt settlement is when a deal is worked out with your creditors – the people or companies that you owe money to – where they agree to accept a smaller amount of the money in a lump sum to satisfy the debt and call it good.
While this sounds amazing – you can pay even less to satisfy the debt and be done with it!? – it’s not without its drawbacks, and if you work with the wrong debt relief company, it may make your debt situation even worse.
So let’s look at the top dos and don’ts of debt settlement.
Free Up Cash to Pay Off Debt
If you’re in need of debt settlement, you do indeed need money, and likely lots of it. While creditors may be willing to accept a lower overall amount of money to satisfy the debt, they often expect a lump-sum payment, especially to obtain the lowest possible settlement amount. And that money may still be a lot of money for you.
It may be time to consider selling some assets to free up cash that can be used toward satisfying your debts. Maybe you can get by without having a car. Or maybe you can move into a smaller home, or live with a friend or family member for a while. Perhaps you can part with a collection.
You may simply have to forgo certain things in order to pay off other things.
Don’t Think Debt Settlement Is Free
It can be very hard for people to negotiate debt settlement agreements with creditors on their own. Most Coloradans likely need to work with a debt settlement attorney from The Wink Law Firm, who can successfully do it for you.
The debt settlement attorneys at The Wink Law Firm charge a fee for our services – but it is a paltry sum in comparison to what you owe your creditors.
Do Follow a Debt Repayment Plan Set Up by Your Debt Settlement Lawyer
If you work with The Wink Law Firm for debt settlement, we’ll guide you through how to save money for lump-sum settlement payments to your creditors when we reach an agreement with them. Be sure to follow this plan.
If you can’t save up toward a lump-sum payment, let your debt settlement attorney know; we can help you pursue other options.
Don’t Be Gullible
A lot of the slick advertisements for debt settlement make it sound easy, as if, poof, your debt just disappeared once you called the company. It rarely works that way.
Be sure you understand what fees debt settlement has and what expectations there are of you toward making the payments, and instead of working with a fly-by-night company, do your homework.
Don’t fall for flashy advertisements and make a rash decision. Opt for working with a debt settlement lawyer at The Wink Law Firm instead, where we’ve been helping Denver residents get out of debt for years.
Do Speak With a Debt Settlement Lawyer
Debt settlement lawyers are different from debt settlement companies.
Lawyers can help you explore your other debt relief options, such as bankruptcy, and prepare you in the event you get sued by the creditor for being behind on your debt, which often happens while settling debt.
Debt settlement lawyers The Wink Law Firm of Denver, Colorado, have helped hundreds of clients obtain much-needed debt relief. We evaluate every client’s specific situation and help them get the best results possible.
Call us right away if you need help with your debt situation. Waiting too long could mean you’re no longer a good candidate for debt settlement.
Don’t Ask for Debt Settlement at the Wrong Time
If you’re successfully making regular payments to a creditor, but simply find it stressful or challenging, that’s not enough to ask for debt settlement. From the creditor’s point of view, making minimum payments is the best financial deal they have. It is what they want because it means they are earning maximum profit from you.
Before you can pursue debt settlement, you need to be in default, as in, not paying off the debt, for at least three months in a row. That’s when a creditor will start to get nervous you won’t pay off the debt and may be more open to negotiating a lower payment just to get something.
After at least three months of non-payment, many creditors will be more likely to agree to accept smaller payments in order to satisfy the debt.
However, don’t wait too long, as waiting increases the chances that the creditor will sue you to garnish your wages, or put a lien on your house or other property.
Do Understand Your Options
If you’re in desperate need of debt relief, you may feel in a hurry. Still, don’t rush. Understand your options. Don’t make your situation even worse by making a rash decision.
Speak with a trusted debt settlement lawyer, such as Denver bankruptcy lawyers The Wink Law Firm.
Learn what your options are for your debt. What’s the best solution to get you back on your feet responsibly and in a short amount of time? Is bankruptcy actually the smarter choice? We can help you with that, too.
Understand your options so you make the right choice.
Don’t Agree to a Debt Settlement Plan That You Can’t Afford
Let’s say the creditor does agree to accept a smaller lump sum payment to satisfy the debt.
Great!
…But make sure you can still afford to pay that.
Don’t agree to a debt settlement plan that you simply cannot afford. After all, you’re already struggling financially. Don’t agree to something you cannot pay.
This could make your financial situation worse, your debt increase, and your problems go on longer than they need to.
Do Consider Bankruptcy Instead
Debt settlement sounds a lot nicer than bankruptcy, doesn’t it? But bankruptcy can often get you back on a good financial path quicker and more easily. It can also be more cost effective.
Many people who go through debt settlement end up filing for bankruptcy anyway, but now their problems are even worse and are going on longer than they needed to.
Everyone’s financial situation is different though. That’s why it’s crucial you speak with a Denver bankruptcy attorney, such as The Wink Law Firm, to understand what makes the most sense for your specific case. Because we are experts in both types of debt relief, we can help you make your decision.
Don’t Wait to Get Started
If you’re in need of debt relief, it’s time to get started now. You don’t need to make a rash decision and sign up for something you’re not prepared for. However, it is a smart idea to speak with a debt settlement lawyer now and begin understanding your options and how best to proceed.
Call The Wink Law Firm today at (720) 523-0620, or contact us online.