New Jersey Debt Settlement Lawyer
Common Questions About Debt Settlement
What exactly is debt settlement?
Debt settlement allows borrowers to negotiate with creditors and lenders so they can settle their debts at a reduced rate. In order to settle a person’s debt, a lawyer will work to reduce the balances owed by a client and will come up with a plan to repay their debts. Eliminating late fees, lowering interest rates, and decreasing the total amount of debt owed are all steps of debt settlement.
Which types of debt can be settled?
Only unsecured debt (debt that is not tied to property, such as a home or vehicle) can be settled. This includes credit card debt, medical bills, certain student loans, department store credit card debt, bounced checks given to creditors, and personal loans. If you have debt from any of these types of accounts, we can help you settle your debt. We may also be able to help you with secured debts; however, that legal assistance would be outside of a debt settlement program.
How is debt settlement different from debt consolidation?
Debt settlement is a very different process from debt consolidation. When people settle their debts, the will work with creditors to have the amounts of debt reduced and will pay the debt off in full, at which point the account will be closed and the settlement will appear on the person’s credit report. When people consolidate their debt, they will combine all the different sources of their debt and will make monthly payments to satisfy the total debt over a defined period of time.
Will debt settlement stop creditors from harassing me?
When a person has outstanding debt, they will be contacted by creditors or collection agencies, sometimes to the extent that it crosses the line into harassment. It is the goal of collection agencies and creditors to do whatever it takes to collect debts, and people in these positions will go to almost any length to seek out the money they are owed, even if it means harassing you. If you settle your debt, it will end a certain amount of harassment because one by one, your creditors will become aware of the new arrangement that has been made to repay the debt that they are owed, and this will keep them off your back.
Why should I work with Liberty Credit Law, PC?
We have years of experience in consumer law, real estate law, collection law and bankruptcy. We are a law firm with attorneys dedicated to protecting your rights, solving your credit and debt related issues and providing you the legal representation that you need. Our experience is that lenders will give us the best possible resolutions to your needs because they know we will vigorously protect your legal rights. Lenders have attorneys and so should you.
Contact a New Jersey Debt Settlement Lawyer at our firm with any questions you may have about debt settlement!