Facing a burden of debt that you simply don't have the financial resources to resolve can feel like a daunting challenge with no end. But there are options out there that can help you reach a more stable financial standing, including the process of debt negotiation with an experienced lawyer at your side. But what are the benefits of negotiating with your creditors to find a resolution to your debt? And moreover, why do you need legal representation when taking this step towards financial stability? We've provided eight of the top benefits that you'll have access to when you have legal representation on your side during the negotiation process, so that you can determine if this option is right for you.
8 Reasons to Get Legal Help for Debt Negotiation
1. Draw on Their Wealth of Experience
It is possible to handle negotiations with your debtors on your own. Some people may find this to be a favorable option because they want to avoid paying an attorney to help them out. After all, if you're already struggling with debt, why would you want to add legal fees on top of that? But the fact of the matter is that you'll often end up losing money by not having the benefit of legal help on your side.
Hiring legal help means getting somebody on your side who has dealt with the debt negotiation process before. They're familiar with the courtroom procedures and the steps involved in dealing with your creditors and will put that experience to work towards getting you the most favorable outcome possible.
2. Find the Best Option for Your Needs
Debt negotiation isn't always the right solution for every person who is struggling to pay down their debts. One advantage of talking to a law firm about your debt situation is that they'll be able to recognize the unique facts of your particular case and know what the best solution might be. That's why it always pays to talk to a lawyer even if you might not be going into negotiations over your debt.
Some other solutions that might fit your personal circumstances include exploring bankruptcy options. Although there is often a stigma associated with this quite drastic financial process, it can also be a great benefit to those looking to get out of debt for good. Speaking with somebody with knowledge and experience in the field can help you identify the best option that suits your own financial needs, putting you on the right track to a more successful future.
3. Ensure Your Rights are Respected
When seeking payments on their outstanding debts, creditors can sometimes overstep the boundaries of the law in their pursuit. Although they have some entitlement to be paid according to the terms of the agreement you have with them, they must stay within certain legal guidelines in pursuing that payment.
Put a stop to any out-of-line or illegal practices by your creditors when you have legal counsel on your side. They'll be able to advise you if any of the actions your creditors are taking are illegal so that you know your rights under the law are being completely respected.
4. Protect You from Further Lawsuits
Another advantage of having some help to figure out the best way to settle your debts is that your legal representation can help you cover yourself from further legal liability later on down the line. If you aren't careful when settling your debts, you may leave yourself open to creditors' lawsuits that bring you to court over the debts you failed to repay according to the original agreement.
Skilled debt negotiation lawyers can help you avoid this future legal headache. By providing adequate protection in the deal that they help you negotiate, they can help cover you from future legal liability. That provides you with an extra level of peace of mind, knowing that your debts will be behind you once negotiations are complete and you won't have future lawsuits to worry about.
5. Provide Objective Reasoning for Your Side
Facing insurmountable debt that is having a negative impact on your life is an emotional experience for anybody dealing with this challenge. It is perfectly natural to feel anger, regret, sadness, or even hopelessness in relation to your debt problems. However, these emotions do not lend themselves to the sort of level-headed negotiating you need to reach a favorable resolution.
That's another benefit that having a lawyer at your side can provide. Though they also want to see your problem resolved, they have the experience needed to retain an objective viewpoint on the situation so that they can add logical reasoning to your arguments. That can prevent your emotions from getting in the way of arguing your case effectively.
6. Help with Creditors Harassing You
One nightmare those who have dealt with the burden of debt are all too familiar with is the constant harassment from creditors. The constant day-and-night phone calls, threatening letters, and worse can sometimes feel almost as stressful as the financial situation itself.
Getting legal help on your side can put an end to this never-ending nightmare. Experienced lawyers know the regulations that creditors have to abide by in pursuing their debts. They'll get in contact with any creditors overstepping those boundaries to make sure they play by the rules, and can also assist you in any counter lawsuits against creditors who have illegally harassed you.
7. Offer Flexible Financing Options
One reason that some people may hesitate to hire representation to help with their debt problems is that they think they can't afford it. People facing crushing debt often have enough expenses to deal with already and don't want to add legal fees to their growing list of costs. However, there are a variety of financial options available that may be able to help you get the assistance you need for your case.
Look for a firm that will work with you in regards to paying for their representation. Some law firms may offer options where you'll pay a percentage of the money they save you rather than a flat fee upfront, for example. Others may charge a single rate or a different amount depending on the debt you owe. With the variety of options out there, you can most likely find a law firm offering payment options that suit your needs.
8. Get Some Experience on Your Side
There are so many complexities surrounding your debt and the laws associated with debts and creditors that navigating it alone can seem impossible. Having the assurance of an experienced professional on your side can give you the peace of mind you need to get through this trying time. With their expert legal advice helping you along the way, you can get back to a more solid financial standing in no time at all.
Acquiring the right representation to argue your case can be a crucial step in alleviating your financial woes. Our experienced team is standing by to help you get back to good financial standing so that you can go back to enjoying your life, so get in touch to receive a free consultation. Contact the Thomas K. McKnight Law Office today!