If you’re seeking ways to avoid bankruptcy by consolidating your debt for easier repayments, you should explore your options. Two common choices are working with an attorney and enlisting the help of a debt consolidation company. Each has its own unique benefits, and it’s important to carefully consider the differences between them to make an informed decision that’s right for your needs.
A debt attorney specializes in creditor negotiations and works on behalf of their client to ensure creditors are attempting to collect fees in a legal manner. If you hire an attorney, all communications and attempts to settle debts with your creditors will go through them from that point on. They can also provide legal advice and counseling to help you make the best financial decisions for your future. If you should get sued or a creditor violates laws, such as contacting you at work or after 9 p.m., your legal professional can also represent you.
Debt Consolidation Company
Debt consolidation companies work differently from lawyers. These third parties may charge upfront fees and also take a portion of the payments you make toward the debts you owe. They’ll then negotiate a new payment plan on your behalf via your creditor. Thereafter, they may advise you to stop paying your credit cards altogether. Yet, you could still be subject to fines and fees from credit cards, which can ultimately worsen your credit score and compound your debt.
Moreover, it can be exceptionally difficult to find a reliable company to help consolidate your debt. Unfortunately, scammers run rampant within the debt collection industry, and it can be difficult to determine which agencies can be trusted. Should you ultimately decide to choose a company, always verify that you have the right to cancel the contract for services before signing any papers or making any payments.
When residents in the Houston County, AL, area are faced with financial hardships, they turn to The Gil Law Firm for trusted creditor negotiations. Attorney Rafael Gil III and his partners have experience in bankruptcy law and debt consolidation and offer tailored guidance to fit each of their client’s unique circumstances. Learn more about the practice’s approach to debt settlement by visiting their website, or call (334) 673-0100 to schedule a consultation.