Wayne County Debt Settlement Lawyer
Interested in settling your debts?
Debt settlement is a plan where individuals are able to settle their unsecured debts. There are two different types of debts- secured and unsecured. Unsecured debts include debt on credit cards, personal loans, medical bills etc. These are the types of debt that you can create a debt settlement plan for. If you are struggling to stay on top of your payments, discuss the possibility of a debt settlement program with a Wayne County bankruptcy attorney from Bryant Logan Law Group, PLC. The programs that debtors can get involved in will take into consideration the debt, the person's income and their expenses and then draft a viable plan for them to move forward. This allows you to get rid of your debt in a way that works for you.
Benefits of Debt Settlement in Michigan
Entering into a debt settlement program can be beneficial in several ways. Some of the benefits of debt settlement include:
- Putting a stop to creditor phone calls and collection efforts
- Reducing high interest rates
- Reducing your current debt
- Finding relief on your debt based on money that you have
It can be one of the best feelings to no longer be overwhelmed with debt that you have no way of affording. Being put on a program that actually works for you can eliminate stress and bring about feelings of confidence. Another benefit of being able to afford your payments is that your credit will improve. Your credit score can improve significantly once debt settlement is done.
Debt Settlement vs. Debt Consolidation
The difference between consolidating and settling debts can be somewhat confusing to some. Consolidating debts means pulling all of your debts together into one single payment that you are able to keep up with. Settling debts means that you negotiate with each of your creditors to reach a reduced settlement. Debt consolidation can often result in a reduced interest rate, but not always reduced debt. Debt settlement not only can result in a lower interest rate, but with successful negotiation you can have a reduced debt amount to repay. If you have questions regarding the difference between these two methods of relief, contact Bryant Logan Law Group, PLC. We can discuss the advantages and disadvantages of both and determine which method is best for you.
How To Go About Debt Settlement in Wayne County, MI
Need a lawyer for your bankruptcy in Wayne County? If you are considering debt settlement it is important to team up with an experienced bankruptcy lawyer in Wayne County. The process of debt settlement involves negotiating with creditors and creditors are often motivated to cooperate better with experienced attorneys. It is possible to negotiate on your own, but we have seen better success when it comes to having experience on your side. The process of debt settlement involves all of the following:
- Contacting creditors to inform them of your interest in debt settlement
- Make your weak financial state clear to the creditor and show them that you cannot make the current payments, they often prefer agreeing on a settlement rather than you going through bankruptcy and attempting to receive payment in that process
- Attempt to offer a lump sum payment if they are hesitating to agree
- If you cannot pay a lump sum, propose the idea of a repayment plan that you can afford
- Once the payments are complete, ask the creditor to report your settlement as paid or settled to all credit bureaus
Team Up With Bryant Logan Law Group, PLC
Need an attorney for your debt settlement case in Michigan? It is imperative to have legal guidance and assistance through this process. Our Wayne County bankruptcy lawyers are familiar with the debt settlement process and are skilled when it comes to creditor negotiations. Call us today to schedule your
free case evaluation!