Most people in America have a lot of debt. Between student loan debt, mortgage debt, credit card debt, and auto loan debt, most of us are paying on something. There are times when our debt becomes too much for us to handle. Keeping up with interest payments and monthly payments, especially during times when the economy isn’t doing so well, can be extremely difficult. 

When it gets too much to handle, you might be wondering what your first step should be. You’ve obviously taken on too much debt and there’s absolutely no way you’re going to get ahead. You might even have creditors start calling you, your credit score might start tanking, and even debt collectors start hounding you day and night. 

There are options that you have to help renegotiate your rates and get you back in the green. You might be wondering if you should hire a debt settlement company to get you through the problem. Or would a Plymouth debt lawyer be better at handling your current situation? It might be difficult for you to tell which decision to make, so this article is aimed at helping you do just that so you can finally take a deep breath and not have to worry about your debt.

Debt Relief Companies Vs Debt Settlement Attorneys 

The thing about debt settlement companies is that they need to be avoided in most cases. Most of the time, they make huge promises that they never keep. They make huge claims that they’ll settle your debt for pennies on the dollar, or that they can get you to stop paying on your debt altogether. It doesn’t work this way, which means most of these promises are scams to get you to buy into their program. 

Debt collectors will ask you to pay them a monthly fee. They’ll want to tap into your savings, which they claim they are saving money for future settlement of your debt. In a lot of cases, they steal that money by claiming they’re making payments on your behalf, but in reality, they’re just sitting on the problem and not doing anything. 

While you’re making payments to the debt collector, you’re not making payments on your debt. Your debt will then grow as interest and other fees are added onto it. You should ask these debt collectors how they plan to negotiate a better rate. It’s nearly impossible to do, as they don’t have to settle. Debt collectors have no power in this regard. 

There are a ton of risks that they don’t tell you about. Debt collectors are all about making a profit and using someone in their desperation to do it. Of course, every company is in it to make a profit, but the problem with debt collectors is that they keep making this promise after false promise, taking increasing amounts of your hard-earned money.

Why A MA Debt Settlement Attorney is The Better Choice 

Hiring a lawyer might be a better fit for you. First of all, you have options to choose a great lawyer who knows this industry and comes highly recommended. You can’t do that with debt collectors as most of them are shady and hide the truth in order to get your money. On the flipside, a lawyer can analyze your entire situation and provide you with the legal advice that you need to take care of the situation. 

If a creditor files a lawsuit against you, you’ll have a lawyer to represent you in court. This is something that collectors also cannot do. Having a viable defense prepared and proper legal counsel is the only thing that will help you in the situation. You need to know your options and your rights. This is true if you just have a little debt or if you’re ready to declare bankruptcy. 

Creditors are known for filing lawsuits to get their money, especially if they feel you’re trying to skirt them. Still, there are laws the creditor has to follow according to the Fair Debt Collection Practices Act. A lawyer can tell you if the creditor has violated that law and how to move forward in the event of a lawsuit. 

How to Avoid Bad Lawyers 

While hiring a lawyer, certainly the best idea when facing this situation, you need to know how to hire the right lawyer. The difference between lawyers and debt collectors is that a lawyer must be licensed and swear to uphold only the strictest of ethical standards to ensure their clients are being represented appropriately. 

Yet, there are still a few bad apples out there. There are plenty of debt settlement companies out there who will hire lawyers to make their company look good. As long as they have a “lawyer” in their back pocket, you might be compelled to pay a lot more money for their debt settlement practices. Don’t fall for this scam. 

In most cases, this “lawyer” will have no impact or ability to handle your debt problem or negotiate with your creditors. Instead, do your research and find the best lawyer in your area that handles debt settlement. Meet them face-to-face. Don’t just leave it to a quick phone call or an email as you can quickly run into trouble that way. 

Take the time to speak with them and learn about the practice and experience. The fake companies won’t let you sit down and talk with their “lawyer.” You’ll probably never even meet them. That means being able to sit down and talk with someone about your situation will go a long way in helping you determine if they’re safe to work with. 

The best thing to do when you’re facing a lot of debt is realize that there’s no simple option. You’re going to need experience behind you. Your creditors will not just go away empty-handed and they will fight tooth and nail to receive every dollar. Hire a lawyer who knows the industry, and the law will help you in the long run.