Debt Settlement Attorney CT

Top Reasons to Hire a Debt Settlement Attorney

Debt Settlement Attorney CT - gavel and moneyDealing with debt is a common component of many people’s lives, yet sometimes, a consumer may find themselves in over their heads, which may lead to the need for alternative solutions to managing their debts, calling on assistance from a CT debt settlement attorney. When faced with challenges of this nature, it’s imperative for those facing debts not to ignore the problem because this can only worsen matters. Unfortunately, several issues may result, which can make things entirely overwhelming—although challenging, taking action by exploring the available options is one of the most critical steps a person can take. Eric Lindh Foster Law, LLC shares that one way to have a well-versed understanding of how to move forward is by reaching out to an attorney for help. The following are some of the top reasons to consider legal assistance when dealing with debts and the debt settlement process:

#1. Debt Collections Agencies Are Calling

When balances on credit cards are unpaid for too long, meaning missed payments, there’s a high probability that they may start calling to keep the account current. However, when a person has not paid for an extended period (usually 180 days), the debt may be turned over to a collections agency. Regardless, calls from creditors attempting to settle a debt can create anxiety and significant amounts of stress, especially when a person does not have the means to pay these debts. It will be vital not to avoid the issue and take action by exploring plausible options with a CT debt settlement attorney. 

#2. You Have Debts You Are Unable To Pay

Most people do not take on debt knowing they will not be able to pay them. Most of the time, debts become overwhelming, and sometimes, they may result from unexpected things such as job loss, injuries, or illness. However, should this be the case, it’s essential to begin strategizing a solution to move forward rather than avoid it. In some cases, options are available in the form of financial planning, debt consolidation, and bankruptcy. 

#3. To Avoid Bankruptcy

While bankruptcy is not something people should necessarily fear, before deciding to file, debtors should make sure that they have a clear understanding of all available options. An attorney with experience in this practice area can assist by reviewing financials and assessing the appropriate options moving forward. An attorney can help by negotiating with creditors for fee waivers, reduced payments, interest rates, and balances. There may be potential options, and before taking the bankruptcy route, it will be necessary to explore them fully. 

#4. To Improve Your Financial Future

Waiting to take action can only cause further damage. Still, when a debtor takes action by adequately understanding their financial situation and how they can improve their outcomes, it’s possible to secure a plan that manages debts. By not doing so, debtors may have to look to extremes, like bankruptcy. While some strategies may impact a person’s credit score, with diligence, it’s possible to recover and gain a better financial outlook. 

Debts can encompass nearly every aspect of a person’s life, which is why Eric Lindh Foster Law, LLC will share that it’s crucial to consider help from a debt settlement attorney CT to explore the options available towards debt relief.