In a country ruled by credit cards, consumerism, low-thought online purchases, and a "buy now, pay later" economy, it is not difficult to imagine how people quickly find themselves buried under a significant amount of debt. When a person realizes they are in the middle of a financial crisis, they often believe it is too late to consider the possibility of negotiating with the creditors to whom they owe money. The result is that some individuals will seek refuge in bankruptcy filings when it is not completely necessary. If you are considering bankruptcy as a way of dealing with debt, you should first speak with an experienced bankruptcy attorney to see if debt negotiation may be a better option for your situation.
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While contacting your creditors directly may be a very intimidating task, it can sometimes be extremely beneficial. Just by calling and requesting some leniency or a payment plan, you may be able to get a creditor to agree to terms of repayment that are much more favorable to your current circumstances. Not all creditors are so willing to negotiate with an individual, though. Your requests may be ignored, or your calls may simply be met with demands for payment and statements that negotiation is not a possibility. This is where a good legal representative can make a huge difference.
In some cases, all it takes to change a stubborn creditor's mind about negotiation is a call from a firm, confident lawyer. Generally, it is not that the organization is intimidated, but more that this sort of phone call shows that you are serious about paying off what you owe, and that you have considered your options for handling the debt. It will also often discourage creditors from filing or making threats of pursuing lawsuits against you.
If these strategies fail, a lawyer can still be a valuable resource. He or she can help make sure you understand your rights as a debtor, and explain the different options you have for dealing with your financial problems. Furthermore, your legal representative can help you organize your finances and determine the true extent of your issues. If a creditor has violated the law in the way they have contacted you demanding payment, your lawyer will inform you if you may be able to file a lawsuit against the organization.
When dealing with a financial situation, it is best to seek attention as soon as you can to relieve the stress of bankruptcy.
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