Is Hiring an Attorney for Debt Consolidation in My Best Interest?

If you are considering debt consolidation, you’re probably feeling stressed and overwhelmed. You may be getting calls from creditors or collection agencies. You may be wondering about the best way to improve your situation. An attorney with experience in debt consolidation can be an invaluable resource.
 
There are a huge number of debt consolidation programs in the United States today. Many of these programs are legitimate and helpful. Unfortunately, many are not. Your attorney can help you evaluate these programs and find one that best fits your situation.
 
A successful debt consolidation plan will require a lot of work on your part. You should draw up a household budget and determine your monthly income and expenses, logging everything over several months to make sure your budget is on target. You should prioritize your debts, and determine which ones are vital. You should keep a record of contacts with your creditors or collection agencies, and write down any agreements you may have reached with them. An attorney will need this information in order to help you create an effective debt consolidation plan.
 
An attorney with experience in debt consolidation can help you put together a repayment plan. Many people consolidating their debts are influenced by the demands of creditors and collection agencies, regardless of their best interest. You should not expect debt collectors to give you good advice; their concern is whether you can pay off the debt they are calling about. They can be aggressive, and unscrupulous debt collectors may even lie. Your attorney can help you sort through the suggestions of debt collectors, so that you can effectively prioritize your debts and determine which ones you should pay off first.
 
An attorney can help you deal with collection agencies. You can ask to have your attorney participate in discussions with your creditors. You can discuss your creditors’ suggestions with your attorney. You can also ask your attorney to handle all discussions with your creditors. Having your attorney deal directly with your creditors can be a huge relief. Generally, a lawyer will have more experience in negotiation. They can help you get a better deal from your creditors – while saving you the stress of dealing with calls from collection agencies. Your attorney can help protect you from unethical debt collectors, by reviewing their suggestions and insisting on fair treatment.
 
Your attorney has a duty to protect your best interest. During a debt consolidation, your emotions are probably running high. Your attorney can help you take an objective look at your situation and find a solution that will serve your best interest now and in the future.
 
Developing a debt consolidation plan can help you avoid the stress and consequences of a bankruptcy. An attorney with experience in debt consolidation can help you develop the best possible plan – and help you improve your financial situation.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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