Filing for bankruptcy is not the only option for people living with more debt than they can manage. Another strategy is known as debt negotiation. It is a fairly simple plan: you or your Milwaukee debt negotiation lawyer contact your creditors and try to make new arrangements. For example, you may have your debts reduced, or receive more time in which to pay them.
It may sound counter-intuitive for a creditor to reduce a person’s debt, but the logic is simple. If a bank or company knows that a person cannot repay a debt in full, they sometimes decide that receiving part of it is better than getting none at all. Not every creditor is agreeable to this kind of arrangement, however; some would prefer to continue with court proceedings rather than negotiate.
It is not easy to decide whether debt negotiation is the best plan for you, particularly when you already have many other issues weighing on your mind. To learn more about its advantages and disadvantages, call the Milwaukee debt negotiation lawyers of the DeLadurantey Law Office, LLC at 414-377-0518.
The Importance of Legal Assistance
It may be tempting to handle your debt negotiations on your own. Since legal assistance is not strictly required, why not simply call your creditors and reason with them? However, it is strongly recommended that you first contact a Milwaukee debt negotiation attorney. He or she will be able to help you:
- Be heard. Trying to explain your situation to a creditor may instead come off as complaining or making excuses. If you are serious enough about negotiation to hire a representative, creditors are more likely to pay attention.
- Avoid errors. There are certain debt negotiation facts and methods that you may not be aware of, especially if this is your first time attempting it. A good attorney will be able to ensure you are making reasonable decisions about your situation.
- Consider your options. Debt negotiation can seem like an easy way to avoid bankruptcy, especially when you are feeling a little desperate. However, it is not the solution for everyone. An experienced attorney can help you make your plans carefully, with adequate information.
There is one important thing that debt negotiation has in common with bankruptcy: you need to consider your options carefully before committing to it.
To schedule a free consultation with an experienced Milwaukee debt negotiation lawyer, contact the DeLadurantey Law Office, LLC at 414-377-0518.