Debt settlement attorney to help you manage your multiple debts in a consolidated manageable payment

 Many people reach a point where they find it difficult to repay their debts, and debt settlement provides them with a good option to repay a reduced amount, and the rest is forgiven by their creditors.  If you are burdened with overwhelming debt, you can consider going for debt settlement, wherein your unsecured debts like credit card debt, personal loans, and medical bills will be settled. This can be a good debt relief option for those having a large debt, and the creditor is willing to accept up to half of what you owe to settle a debt that you won’t be able to repay under your current situation. Your experienced bank settlement attorney, such as the ones available with Recovery Law Group, will help you reduce the balance owed by as much as 50%. Once the debt is settled, your creditors must stop all collection activities, and if they do so, your Recovery Law Group’s specialist debt settlement attorney will sue them for violating the law.   

  

Your specialist debt settlement attorney, such as the ones available with Recovery Law Group, will combine your multiple debt accounts into one, with one interest rate, and one monthly payment. Instead of making multiple bill payments, you will make a single payment to a financial institution for a debt management company. The interest rate should be lower than the combined individual payments you were previously paying. Your Recovery Law Group’s debt settlement attorney will understand your financial situation, and come up with a debt solution that will fit your financial situation. The debt is usually paid off in fixed monthly payments over a period of 36 months, rather than a lumpsum amount.   

  

Hiring a debt settlement attorney might be a good option if:  

  

·         You are struggling for a long to pay your debts  

·         Your debts are more than 120 days past due date  

·         You are going through financial hardships  

·         You can’t set aside money for a lumpsum payment  

·         You are being frequently harassed by your creditors  

 

You need to be aware of debt settlement scams, and the Federal Trade Commission urges the people looking for debt settlement to look at the below red flags:  

  

·         Companies promising you to settle your debt for less than what you owe.  

·         Companies asking for their own fees before settling your debt.  

·         The company offering debt settlement must inform you how much or a percentage of each outstanding debt you must save in an escrow account.   

·         The company must also inform you about the negative consequences, such as the effect on your credit report, and continued fees and interest accumulation.   

  

Your Recovery Law Group’s debt settlement attorney will work with your creditors to bargain your current debt down to a level that you can afford. Depending on your situation, you may be required to pay as low as 25% of your total owed amount. Recovery Law Group has some of the best debt settlement attorneys, who have helped numerous debt-ridden individuals to settle their debts. The law firm also provides affordable bankruptcy services, wherein its attorneys provide you with the best bankruptcy option, be it Chapter 7, Chapter 11, or Chapter 13, to pay off and write off your debts.