Explore Methods of Debt Relief with LeavenLaw
With the current economy, so many individuals are facing substantial issues with debt. There are many methods to obtain debt relief when clients do not know which way to turn. These financial difficulties cause them to have to face large amounts of stress and anxiety because it often appears as a hopeless situation. They may be facing harassment by creditor contact and do not want to turn to the solution of bankruptcy. Bankruptcy is often the chosen method for substantial debts that need a fast solution that gets the job done. There are other options, however, that should be discussed before making a final choice.
A St. Petersburg bankruptcy lawyer from our firm can be the legal help needed to understand the current debt situation. For those who are no longer able to meet their financial obligation for reasons such as losing a job, a reduced income, illness, or divorce, they should develop an understanding of the types of relief available.
Types of Debt Relief
If you are in debt and in need of relief, we can help! When dealing with debt relief on your own, banks and other individuals involved in the situation may not listen to you attentively. Our firm, however, can listen to your needs and help you decide which option is best for you.
Take a look at the following means of debt relief:
- Debt negotiation
If you are not able to afford monthly payments that are associated with a debt, you can negotiate with the creditor for terms that are more favorable to your situation. Our firm can provide you with the legal resource you need to help you negotiate your debt. We can help negotiate a lower interest rate, waived penalties, waived fees, and even a longer period of time in which you have to pay off the debt. Overall, we can help you negotiate lower payments
In many cases, creditors may be willing to settle for a lower debt than originally planned. As your attorney, we can help find a settlement that works with the company you owe. They are often willing to do so as an alternative to legal action. They may even settle for as low as 25% of the original debt. This often works when negotiating your monthly credit card bill. Debt settlement is different than credit counseling because it is typically faster than resolving the debt and it focuses on unsecured debts.
- Debt consolidation
Debt consolidation occurs through a company who takes monthly payments from the debtor and then splits up the payment to the creditors. This offers the debtor a much more manageable way to pay off existing debts. This process is beneficial for those who are not able to make payments each month. It replaces multiple bills with one affordable payment.
- Mortgage modification
The type of debt relief called mortgage modification helps those who are being threatened with foreclosure. It is also known as restructuring or loan modification and is for those who are having difficulty paying their mortgage. This option should be discussed by those who are not able to pay off their debts and want to lessen the terms of their loan or mortgage.
Call for Legal Assistance from a St. Petersburg Bankruptcy Lawyer!
When you are navigating the process of debt relief, it is important to know that typically, debt consolidation companies are interested only in making money. Their primary goal is not the best interest of the client and can often make situations worse. At LeavenLaw, our aim is to help you obtain the relief you need from your debt. If you have significant amounts of debt, we can help you improve this situation.
Contact our firm to learn more!