From the desk of Manhattan Beach McCarthy Law attorney, Rosanna Savone:
The article above offers clarity on many myths that cause consumers to get caught in a financial debt trap. Heed these warnings and it will help you stay on the road of financial success.
However, for those that it’s already too late, don’t fret. There are options out there for you; one of the best options being debt settlement. Debt settlement under the right circumstances can be a financial life-saver – if you choose the right person to help you. Here’s what you need to know in order to make the best choice.
First, always go with a law firm that will represent you for an affordable flat fee in case you are sued. This is the most important thing to do! If you go with a debt settlement company instead of a law firm, they may be able to negotiate a great settlement but you will lose all those financial gains if you get sued by a creditor. Why? Because a company involves only business people and not lawyers. Once you’re are sued, all a business person can do is shrug and tell you to find a lawyer. Engaging a lawyer at this point of the process will cost you more than if you just went to a law firm in the first place.
Plus, if you aren’t represented by a lawyer through negotiation process, creditors know that debtors without lawyers are an easy kill if sued. So there is a higher risk of getting sued. On the flip side, creditors know that if an attorney is involved, suing is going to cost more so they tend to not pull the trigger as easily.
Second, find a law firm that charges a flat fee up front. This way, you know what you’re paying for their services with no surprises. Be cautious with those that charge their fees based solely on the percentage of what they save you. This causes a lot of confusion when dealing with more than one debt and can lead to higher lawyer fees.
Third, only engage a law firm that specializes in debt negotiation and settlement. Many bankruptcy lawyers will do debt negotiation under certain circumstances but they do it on the side of their usual bankruptcy practice. This means they don’t have the type of relationships with creditors that a law firm that does this everyday. They also don’t have the kind of information that doing this everyday generates and is needed in getting the best deal possible for their client.
So for those that have been snared in the financial debt trap, you have a great option of debt settlement to help free yourself – as long as you make the right choice in legal representation.
Kevin Fallon McCarthy
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