Options For Those Facing Debt Management Problems
Individuals that have gotten themselves into trouble when it comes to debt can find that it is extremely difficult for them to overcome these issues to take control of their lives again. For these individuals, it may be necessary to hire a debt management lawyer to help them gain control of their debts.
Debt Restructuring
Debt restructuring can be one of the most overlooked options for gaining control of your debts. When a person seeks to restructure their debts, they may be able to negotiate new payment terms with the creditors. This is possible as creditors may be willing to agree to new terms if it will avoid the debtor entering bankruptcy protection. Negotiating one of these restructuring agreements can be a complicated process, and you will want to be sure that you are professionally represented during this process to ensure that your interests are represented as well as possible.
Bankruptcy Filings
In situations where it is not possible to restructure the debts, you may be able to utilize bankruptcy protection. These are legal protections that can wipe away your debt, force creditors to accept new payment terms, and help you obtain other important benefits. While applying for bankruptcy is a complicated and major decision to make, it is among the most important protections that people will be able to pursue. Due to the fact that this will require you to go through the legal system, you should retain a debt management lawyer that is familiar with the bankruptcy process and procedures.
Protecting Your Rights As A Debtor
Individuals that have fallen into sizable debts will have a number of rights that will have to be respected by their creditors. If creditors will fail to respect these rights, it could be possible for the debtor to actually pursue legal action against the creditor for these violations. For example, a creditor is not permitted to harass their debtors or to attempt to seize assets that were not used as collateral. The rights of debtors can vary from one state to another, and you will want to review the rules for your area concerning the rights of debtors. If you suspect that your rights have been violated, you should attempt to document these violations and schedule an appointment with a debt management lawyer as soon as possible. This will allow you to more effectively determine whether you have legal options available to you in the face of aggressive or abusive creditors.
Contact a debt management lawyer near you for more information.