Debt Settlement Lawyer Helping Clients Improve Their Financial Situation
Many people feel like they will never be able to climb out of debt no matter how hard they try. If you’re in this unfortunate situation, it’s important to understand that financial relief is available. Besides bankruptcy, there are many options for people who are drowning in debt, including debt settlement.
The debt attorneys at Hammond Law Firm have helped countless clients settle their debts and take control of their finances. To learn more, contact our law firm to schedule a free consultation regarding your case today.
How Does Debt Settlement in Oklahoma Work?
Debt settlement is the process of negotiating with creditors in an effort to settle your debts for less than what is owed. Your debts will not be completely eliminated, but they will be lowered to make them more manageable.
Creditors will not agree to lower your balance unless you are able to provide proof of financial hardship. If a creditor believes you are still capable of paying your debt in full, there’s no reason for them to negotiate a lower balance. This is why you must be prepared to present a strong case to your creditors that shows why you are in need of debt settlement.
The Pros and Cons of Debt Settlement in Oklahoma City
There are several advantages and disadvantages to debt settlement. Some of the advantages include:
- You won’t have to pay your debts in full.
- You can avoid bankruptcy.
- You won’t lose personal property.
- You won’t get sued or receive harassing phone calls from debt collectors once your debts have been settled.
Some of the disadvantages of debt settlement include:
- You will have to pay additional fees, including legal fees, to settle your debts.
- Debt settlement can affect your credit score.
- You will typically be required to pay off your balances quickly after settling with creditors.
- You must pay income tax on the portion of the debt that has been forgiven.
- Debt settlement can make it harder to secure new lines of credit in the future.
Keep these advantages and disadvantages in mind when deciding whether or not debt settlement is the right option for you. Don’t make this important financial decision alone—let an bankruptcy attorney review your finances and provide honest legal advice.
Who Is A Good Candidate For Debt Settlement?
Debt settlement can help certain individuals manage their finances without having to file for bankruptcy, but it is not right for everyone. You may be a good candidate for debt settlement if:
- You have unsecured debt such as credit card debts or unpaid medical bills.
- You earn enough income to consistently make payments on the agreed-upon lower balances.
- You have the money to cover the additional fees and income taxes that apply in debt settlement cases.
- You have suffered financial hardship that has made it impossible for you to stay current on your debts.
- You have already missed payments on your debts.
- You are trying to avoid filing for bankruptcy.
- You are willing to put in the time to rebuild your credit after debt settlement.
If you meet these criteria, you could be a good fit for debt settlement. But every person’s financial situation is unique, so it’s best to seek advice from a skilled attorney.
Hiring Debt Settlement Companies vs. Debt Settlement Lawyers in Oklahoma City
If you are considering this option, it’s important to understand the difference between debt settlement companies and debt settlement lawyers. Debt settlement companies often make promises to their clients that they can’t keep. These companies are only interested in making money off of you, not protecting your best interests.
Reliable debt settlement attorneys are committed to helping their clients achieve results. As trained negotiators, lawyers will aggressively advocate for you and work tirelessly to reach the best possible outcome in your case.
Don’t put your credit—and your financial future—in the hands of a debt settlement company. Turn to an experienced debt settlement lawyer for assistance instead.
Call Our Debt Settlement Attorneys Now to Schedule A Free Consultation
If you are drowning in debt, bankruptcy is not the only option. Seek legal representation from the experienced debt settlement attorneys at Hammond Law Firm to learn more about alternative options. We will carefully review your finances to determine whether or not debt settlement is right for you.
Let us aggressively negotiate with your creditors to help you lower your debts and secure your financial future. To schedule a free consultation, call Hammond Law Firm at 405-216-0007 or submit your information via the form on this website.