When your bills keep piling up, and the balances continuously increase, where do you turn? Some people turn to bankruptcy lawyers, while others turn to debt solution companies. Another option is to seek help from a debt consolidation lawyer. A debt consolidation lawyer can help you get out of debt without using bankruptcy, and here are four reasons to consider this option.
1. This Method Helps You Avoid Using Bankruptcy
The first reason to talk to a lawyer about debt consolidation is to determine if you can become debt-free without using bankruptcy. Some people are so far in debt that bankruptcy might be the only way out, but this is not true for all situations. If you can use a program that does not involve bankruptcy, you will face fewer negative consequences in the long run.
2. A Lawyer Can Negotiate the Balances of Your Debts
The next reason to call a lawyer for help is to receive the benefits that lawyers provide for people who need relief from their debts. One of the best things about lawyers is that they are skilled in negotiating. A lawyer can work with your creditors to negotiate your balances. As a result, your creditors might drop all the finance charges from the last year. They might also lower your interest rates, and they might even knock some money off your balances.
3. It Allows You to Restructure Your Debt
Using debt consolidation provides a way to restructure your debts. If you feel overwhelmed by the number of debts you have, this solution might be perfect for you. When the lawyer finishes negotiating with your creditors, you will have one payment each month. Restructuring debts is ideal for people who owe money to many creditors.
4. Your Lawyer Helps Protect Your Credit
The other thing to know is that a lawyer can also provide protection to you for your credit. When you use a debt consolidation program, your credit might suffer for a while. Lawyers know how to avoid this, though, and they can actually help people improve their credit scores through these programs. If you want to be debt-free and have a higher credit score, talk to a lawyer.
You can evaluate all kinds of debt-relief programs before choosing one to use, and it might help you to consider debt consolidation. If you have questions, talk to a lawyer that offers debt consolidation services in your city.