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Is Hiring a Debt Settlement Lawyer Worth It?

Debt Settlement Lawyer

Are you feeling overwhelmed by debt and don’t know where to turn? You’re not alone. If you are a businessman or just an ordinary resident  from Ogden, UT, struggling with mounting debts due to the current economic crisis, one of the best options for getting out of debt is hiring a debt settlement lawyer.  So how do you know that it’s worth it? 

Let’s break down the benefits of hiring a debt settlement lawyer so you can make an informed decision about your financial future. 

5 Benefits of Working with a Debt Settlement Lawyer

1. Guide You in Negotiating With Creditors

If you’re struggling to pay off your debts, a debt settlement lawyer can help you negotiate with your creditors to try to reach a repayment plan that works for both sides. Oftentimes, creditors are willing to work with debt settlement lawyers because they know that the lawyer will be able to get you to repay your debt in full, and they would rather receive partial payment than no payment at all.

2.  Keep You Away From Bankruptcy

Filing for bankruptcy can be a last resort for some people who are struggling to pay off their debts, but it’s not always the best option. A debt settlement lawyer can help you explore other options for repaying your debts, such as negotiating with creditors or consolidating your debts. Filing for bankruptcy should only be considered after you’ve exhausted all other options, and a debt settlement lawyer can help you make that decision.

3. Create Concrete Repayment Plan

If you’re unable to repay your debts in full, a debt settlement lawyer can help you create a repayment plan that fits your budget and your creditors’ needs. This repayment plan will typically involve making smaller monthly payments over a longer period of time, which can make it easier for you to keep up with your payments and avoid defaulting on your debt.

4.  Help You Understand Your Rights

If you’re struggling to pay off your debts, it’s important that you understand your rights as a debtor. A debt settlement lawyer can help you understand the laws surrounding debt collection and repayment, so that you can make informed decisions about how to deal with your debts. Additionally, a debt settlement lawyer can help you understand the statute of limitations on debt collection in your state, so that you know when your creditors can no longer legally pursue you for payment.

5. Protect Your Assets

If you’re struggling to pay off your debts, one of your main concerns may be protecting your assets from seizure by creditors. A debt settlement lawyer can help you understand the laws surrounding asset seizure and protect your assets from being taken by creditors.

Should I Hire an Attorney for Debt Settlement?

Every day, hundreds of people in Ogden, Utah, receive word that they are being sued for debts. This can be quite overwhelming if the person has no idea what to do. In these cases, individuals may feel like their hands are tied and the debt collectors have already won. However, this doesn’t have to be the case.

You can prevent creditors from obtaining a default judgment against you. Most of the time, these dishonest debt collectors have added interest, fees, and penalties that you might not legitimately owe. Debt collectors are subject to restrictions on how they can legally collect debts according to the Fair Debt and Collection Practices Act (FDCPA).

If a creditor is found to have improperly filed a lawsuit against you using inaccurate amounts, you may be entitled to damages and even the cost of your attorney. You can get $1,000 worth of damages and as well as reimbursements for attorney fees and court costs. Additionally, you have the option to partake in filing a class-action lawsuit against your creditor in order to pursue damages of up to $500,000 or 1% of the debt collector’s net value, (whichever is less). However, if you don’t know your rights and legal options, you won’t be able to defend yourself against the questionable acts of some creditors.

This is why hiring an attorney that specializes in debt settlements is a great first step towards standing up for yourself and possibly countering or reducing debts owed. Not only do attorneys have advanced knowledge of the legal system and their local laws, but they can also assist you with the complex process of negotiating a fair debt settlement with creditors.

Furthermore, attorneys are experts with lenders and collection agencies who have dealt with similar cases in the past and can use that knowledge to your advantage. From researching statutes to understanding all of your options to guiding you through the negotiation process and potentially representing you in court, hiring an attorney provides unparalleled assistance and peace of mind in tackling your debt situation. Ultimately, hiring an attorney is one of the best investments you could make when it comes to settling your debts. It’s a smart choice worth looking into.

Hire the Best Debt Settlement Attorney

Getting sued by a debt collector can be an absolute nightmare. Therefore, it is important that you hire the best expert debt defense attorney who can help discuss your case right away and craft a plan of action. Fortunately, Godfrey Law is here to help with a free evaluation and consultation.

Since 1984, Godfrey Law has handled debt defense matters for people of Ogden, Utah. That is a lot of experience assisting families in navigating any situation you can imagine. Their Bankruptcy Lawyer, Ted Kenneth Godfrey, guarantees his clients get the best results in their debt settlement cases. 

Godfrey Law has a highly advanced technology-driven process management system in place, which allows for efficient and effective settling of debts at an optimized cost. This system enables their team to be organized and efficient with managing every case that comes their way, providing consistent quality services every time you choose them. They understand the importance of resolving debt matters efficiently and quickly to make certain that their clients can move forward on more financial solid ground.

Key Takeaway

At the end of the day, whether or not hiring a debt settlement lawyer is worth it depends on your individual financial circumstances and needs. If you feel like negotiating with creditors is too overwhelming or intimidating, then working with an experienced attorney like Ted could be beneficial for giving you peace of mind while protecting your rights as a consumer.