Late-night television and radio ads continue to offer the good people of Lauderdale Lakes easy ways to reduce their debt. Sadly, many of these are scams that leave borrowers in a worse position than they were in originally. Truthfully, the best way to handle your debt is to deal with it, and the debt collectors who may be harassing you. Ignoring it will not make it go away, and companies that promise to eliminate it for cheap do not usually follow through.
While it is important to face your debt, particularly if legal action has been taken against you, it is not something you should do alone. Our Fort Lauderdale debt defense lawyer can advise you of your options and give you the best chance of a favorable outcome.
Common Types of Debt Settlement Cases
Many debt lawsuits end in a settlement. If you are successful with a settlement, you still repay the debt collector, but you pay a lower amount than what you initially borrowed. Debt collection companies often agree to these settlements because they want to recover at least a portion of the debt that was borrowed, even if they cannot collect all of it. A debt settlement agreement works for borrowers for obvious reasons, as they do not have to repay the total amount of the debt.
It is important to note that usually, debt settlement agreements apply only to unsecured debt. This is debt that does not have collateral attached to it, such as a vehicle or a home. Because secured debt has collateral attached to it, creditors can simply seize the property if the borrower defaults on the loan. The most common types of unsecured debt that can result in a settlement agreement are as follows:
- Personal loans
- Credit card debt
- Private student loan debt
- IRS tax debt
Working with a Lauderdale Lakes, FL Debt Defense Attorney is Affordable
If you are already struggling with a high level of debt, you may think you cannot afford to hire a Lauderdale Lakes, FL debt attorney, too. This is a common misconception among borrowers. Truthfully, working with a debt defense attorney costs less than you may think while offering real legal protection against your creditors, debt collections, and the attorneys who represent them. Most people also do not have experience negotiating with big companies. An attorney will bring the expertise needed to negotiate a debt settlement agreement or to defend against the debt lawsuit so you are not responsible for paying it at all.
Working with a Lauderdale Lakes, FL debt attorney is also more affordable than you think. Three of the main ways our attorneys can save you money are as follows:
- We offer free consultations during which we will inform you of the potential debt defenses available in your case free of charge.
- We can determine if a debt collection company violated federal or state law. If so, we can help you file a countersuit against them, which can allow you to recover compensation for your actual losses, statutory damages up to $1,000, and your attorney fees.
- We will make arguments to the court that can force the debt collector to pay your legal and attorney’s fees so that fighting the lawsuit is more affordable for you.
When to Contact a Lauderdale Lakes, FL Debt Defense Attorney
If a debt collector has not yet filed a lawsuit, you may think that you do not need a Lauderdale Lakes, FL debt attorney until they do. However, waiting until you receive notice of legal action may mean that you waited too long. You should respond to any debt lawsuit filed against you, but you only have a limited amount of time to do this. If you are already working with an attorney, they will help you prepare your response immediately and make sure that no mistakes are made in your case.
Before a debt lawsuit is filed against you, it may also be possible to negotiate a debt settlement agreement. An attorney will have the necessary experience to negotiate this type of settlement so you pay as little as possible. A lawyer will also advise you of the most important laws that apply to your case. For example, if the statute of limitations is about to expire in your case, a lawyer may advise you not to make any payments on the debt. Making a payment can restart the clock on the statute of limitations, which can be harmful to your case. If the statute of limitations expires, the debt collector loses their right to file a lawsuit against you.
How Long Can a Debt Settlement Agreement Take?
Under federal law, credit card companies are required to tell you how long it will take you to pay off the entire balance. This is written on your monthly statement and is calculated using your minimum payment amount and your current interest rate. It does not account for any increase in your interest rate, missed or late payments, or future purchases you may make with the card. Commonly, the length of time on statements is 15 years or more. This alone can make borrowers feel hopeless, and as though they will never be able to pay it off.
When working with an attorney to settle your debt or fight against it, your case may be resolved in as little as 6 to 36 months. While it may not happen overnight, you will be able to spend less time worrying about your debt or paying it off, and get a fresh start even sooner.
Call Our Debt Defense Attorneys in Lauderdale Lakes, FL for Sound Legal Advice
The thought of dealing with a large amount of debt is always overwhelming, but there is help available. At Loan Lawyers, our Lauderdale Lakes, FL debt attorneys can help you understand your options and which one is right for you so you are no longer responsible for repaying the debt, or are only required to pay a small portion of it. Call us now at (954) 523-4357 or contact us online to schedule a free consultation and to learn more.
