According to statistics on consumer debt, the average American annual income has increased, but so has the load of debt that each American carries. People under the age of 35 tend to have $67,400 of debt on average; those 25 to 44 have $133,100 of debt on average; even those in the senior group can have as much as $66,000 of debt. Carrying around this kind of debt can be like trying to walk through knee-deep mud to achieve any kind of financial goal, and sometimes, debt gets too overwhelming. A debt relief lawyer may be able to offer some help.
What exactly does a debt relief lawyer do?
A debt relief lawyer, which is also sometime referred to as a debt settlement lawyer, is a legal professional who negotiates with lenders to get debt settlement offers for unsecured debts. Unsecured debts are not the same as secured debts; these are loans you obtained without having to offer some kind of collateral. For example, student loans, credit cards, and some personal loans are examples of unsecured debts because there was no collateral placed to secure the loans when you got them.
How much will you pay for a debt relief lawyer's services?
How much you pay for legal help with debt relief can vary depending on how much debt you have, how much time the lawyer has to work on your debts, and other factors. Some attorneys will charge a flat fee for their services, and some will charge a fee per settlement. Most of these attorneys will charge between $125 to $350 per hour, so flat fees can be the better way to go if you have a lot of creditors.
How do you know that you need a debt relief lawyer?
Most obviously, you may need a debt relief lawyer if you have a large amount of unsecured debt and you are trying to avoid having to file bankruptcy. Most lenders prefer to work with you to come to an agreement about what you will pay instead of having to potentially sacrifice any repayment because you are forced to file bankruptcy. Another good reason to work with a debt relief attorney is if you are just needing to get your debts better controlled. For example, if you are consistently being late on payments because your income is not sizable enough to pay everything from month to month, you may be able to get help through a debt relief lawyer so you do not completely ruin your credit score.
To learn more, contact a debt relief lawyer in your area.
