Greenville, NC Debt Settlement Lawyers Assisting Clients Who Seek Debt Relief
If you’re in overwhelming debt and don’t have a plan to get out of it, it’s time to talk to a skilled lawyer to discuss debt settlement services. You might be surprised at the options available to you when you can’t afford to pay your past-due bills. The legal team at Gillespie & Murphy, P.A. would be happy to explain your legal rights and find a viable option to get you caught up on your financial obligations.
Our attorneys have years of experience guiding clients on their financial options and ensuring that creditors and debt collectors don’t take advantage of them. We offer free consultations at our Greenville law firm, so contact us to learn about debt settlement, bankruptcy, and other ways our lawyers can help you deal with debt.
What Is Debt Settlement?
Before determining if hiring a debt settlement attorney is the right solution for you, it’s important to understand how the process works. Your lawyer’s goal is to negotiate with your creditors to reduce the amount you have to pay. In most cases, an experienced attorney will tell each creditor an amount that you’re willing to pay, which is often as low as half the amount owed. The creditor might not agree to the initial amount, so your lawyer will likely spend some time negotiating until they reach an agreement.
While every case is different, most creditors expect to get the money from the debtor as soon as possible after agreeing on a reduced amount. This means you’ll need to let your lawyer know how much you can afford to send as a lump sum payment on your debts.
If you don’t have a large amount of money to send to your creditors, your lawyer can work on negotiating a payment plan. This might involve sending in higher payments than you normally would, but you’ll get the debt paid off faster than usual and will typically pay less overall after your lawyer’s negotiations. Contact our Greenville law firm for a free consultation to learn more about how a lawyer can help settle your unsecured debt.
Is Debt Settlement Right for You?
Settling your debt is one way to improve your financial situation, but there are other options to choose from, such as bankruptcy. If you need help determining which solution is right for you, consider what makes someone a good candidate for settling debt.
First, if most or all of your debt is unsecured, debt settlement may be a good option. This is because your creditors can’t simply repossess the assets you owe money on like they could with secured debt. People who would benefit from debt settlement tend to have a lot of credit card debt, though personal loans, business loans, and medical bills are also common.
Another factor to consider is whether you have the money to pay off a large portion of your debt within the next year. While your lawyer can negotiate your debt down to a lower amount, you’ll usually need to pay at least half of the original total within months. If you don’t have enough income to pay toward your debt, settling it might not be possible right now. You may need to consider other options, such as bankruptcy. An attorney from our law firm in Greenville will guide you toward the right option, so contact us to schedule a meeting with our legal team.
What Are the Pros and Cons of Debt Settlement?
As you weigh your options, consider the pros and cons of this process. The main benefit is that settling your debt will reduce the total amount you pay, which could save you thousands of dollars in bills. If you feel like you’ve been paying off a debt for years and will never be done with it, the ability for your attorney to get it reduced by nearly half will make it much easier for you to be done with the debt finally.
In addition, lawyers often ask debt collectors to remove interest and late fees to make it easier for you to pay off your bills. For many debtors, watching interest and late fees add up can be overwhelming, so getting them removed is helpful. In short, the main benefit of settling your debts is the chance to save money over time.
On the other hand, not all creditors will agree to settle debts, especially if they think they’ll get more money from you by threatening a lawsuit or simply seizing assets. In addition, debt settlement can reduce your credit score, especially if you have to stop making payments on your debts before your creditors will consider settling your accounts. Our lawyers will counsel you on the right decision for your financial situation, so contact our law firm to discuss your options.
How Can Greenville Debt Settlement Lawyers Help You?
If you’re tired of facing threatening phone calls and letters due to your debt, you should contact Gillespie & Murphy, P.A. to find out your options. Our attorneys have helped numerous clients eliminate their debt through settlement, bankruptcy, and other legal services.
When you meet with us, we’ll consider your income, total amount of debt, and the type of debt you owe to decide which legal process would be right for you. We’ll ensure you understand the benefits and possible risks before moving forward with our services. Our goal is to allow you to breathe a sigh of relief when you think about your financial situation, as you should not have to feel worried about how to deal with your debt. If you’re ready to learn more about how we can help, call our Greenville law offices at 252-418-2888.