Debt Settlement Debt settlement is a legal process of debt reduction in which the creditor and debtor agree on a reduced balance that, once settled, will be regarded as a payment in full. It is used for non-secured debts like credit cards and medical bills. Negotiations between the debtor and the creditor – often aided by debt attorneys – can result in a reduced balance that the debtor can realistically pay off. Because the debt settlement process is stressful and complicated, many debtors retain debt attorneys. Another significant reason is that debt attorneys know federal and state consumer debt law and hence are in a better position to negotiate lower balances and better terms than debtors could themselves. Many debtors are intimidated by this prospect of negotiating with their creditors. A debt attorney or debt settlement attorney can help you navigate the process. Your debt settlement attorney will contact your creditors and conduct all negotiations with them on your behalf. Because a debt attorney or debt settlement attorney is experienced in dealing with multiple creditors, he can oversee your financial and legal situation and negotiate a realistic settlement for you. The debt settlement attorney will stop the creditors from harassing you by taking over all communications for the debtor. If a creditor commits an illegal act against the debtor, the debt settlement attorney will enforce the provisions of the Fair Credit Debtor Protection Act to ensure the debtor's protection. Once the debt is paid in full, the debt settlement attorney will ensure your credit report contains no misleading or incorrect items. |
Who Is A Debt Settlement Attorney? Debt Attorneys provide services to debtors who find themselves in overwhelming debt. Debt attorneys are experts in consumer debt law who advise debtors about their options. A knowledgeable debt attorney can help a debtor determine the most effective form of debt relief for his specific situation. Debt attorneys counsel debtors throughout the entire process of settling debt. Debt attorneys inform debtors about their rights as well as their obligations. When a debtor decides to start the process of settling your debt, a debt attorney or debt settlement attorney can represent him in the negotiations with his creditors. Debt attorneys or debt settlement attorneys specialize in interpreting and implementing the federal and state consumer debt law regulations and are trained to negotiate with the creditors to reduce the debtor's balance as much as is feasible. The debt settlement attorney is accustomed to dealing with creditors and understands their strategies and concerns. Debt attorneys and debt settlement attorneys are responsible for ensuring that the debtor's credit report doesn't contain any incorrect or misleading items. If necessary, the debt attorney will have such items removed so the debtor can start rebuilding his credit after the debt has been paid in full.
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