Are you drowning in debt? Our debt settlement lawyers can help.
It is all too easy to get over your head with credit cards, student loans, and other types of debt. If you are ready to take control of your finances, an Ohio debt settlement lawyer can help. We help you understand your debt solution options, whether it is settlement, consolidation, or bankruptcy.
If you want to end the constant stress of collections and creditors, call Cleveland Bankruptcy Attorneys, LLP. A debt settlement lawyer protects your rights and helps negotiate a solution for your financial problems.
Call Cleveland Bankruptcy Attorneys today at (216) 586-6600 to schedule your free, no-obligation case evaluation.
What a Debt Settlement Attorney Could Do for You
There are many types of debt, but they all create unbearable financial and emotional strain. A debt settlement lawyer with Cleveland Bankruptcy Attorneys helps relieve the pressure from nonstop collection calls and the threat of losing everything you worked hard to acquire.
Our debt settlement lawyers understand the complexities of financial and bankruptcy laws. We use our legal knowledge and negotiating skills to get you the debt relief you deserve. An attorney can help in many ways, including:
- Protect you from collection harassment calls
- Help you pay less than you owe
- Defend your rights
- Communicates with creditors and their agents on your behalf
- Allows you to rebuild your credit
Unlike a debt consolidation service with a relationship with your creditors, a debt settlement attorney is an objective, independent entity.
Ohio Debt Relief Options
A Cleveland debt settlement lawyer helps you find the best solution for your situation, including:
- Debt consolidation
- Debt settlement
The ideal solution for you depends on the nature, extent, and amount of your indebtedness.
Typically, you would pay creditors separately under different terms, interest rates, and conditions. An attorney works with various creditors to combine your debt. You make one affordable payment every month. As you can imagine, it is stressful and time-consuming to communicate with several creditors and convince them to accept a reasonable solution.
A debt settlement lawyer is a skilled negotiator who makes the best deal possible. Our goal is to create a smooth and seamless consolidation to help you get out of debt without undue hardship.
A debt relief attorney also plays a vital role in debt settlement. When you cannot pay the entire amount, a lawyer can negotiate a deal, so you pay less than what you owe.
Creditors would prefer to get some money than no money at all. A debt settlement lawyer with Cleveland Bankruptcy Attorneys can resolve your situation by negotiating a lower payment. You can either pay this reduced amount through installments or in a lump sum.
Sometimes, the best solution to mountains of debt is to declare bankruptcy. A bankruptcy lawyer with Cleveland Bankruptcy Attorneys evaluates your situation to find the best plan for you. Bankruptcy gives you a fresh start from many types of debt.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy involves selling some of your assets to pay your creditors. Any remaining debt is discharged, with a few exceptions, such as student loan debt. Chapter 7 bankruptcies are sometimes called “liquidation” bankruptcies.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy allows you to adjust your debt through reorganization or consolidation. Chapter 13 bankruptcies are an excellent option for individuals who earn too much or have too many assets to qualify for Chapter 7.
Both types of bankruptcy have an automatic stay on collection demands, eviction, or foreclosure.
We Help with Many Debt Situations
Secured debt is legally attached and secured by collateral, such as a home, property, or car. Creditors put a lien or hold on this collateral until you have paid what you owe in total. When you default on a secured debt, the creditor may seize the asset and sell it to make up for what you owe.
Secured debt includes:
- Auto loans
Unsecured debt is not attached to collateral. Lenders of unsecured debts have no right to foreclose on your home or repossess your car. The only recourse is turning the debt to a collection agency. If this doesn’t work, the creditor might take you to court. If successful, the court might issue a judgment to compel you to pay.
Examples of unsecured debt include:
- Credit cards
- Payday loans
- Student loans
We realize that being in debt is draining on your physical and emotional health. A debt settlement lawyer is here to help you understand your options. You could:
- Restore your credit
- Rebuild your finances
- Resume your everyday life
From negotiating with your creditors to assisting you with your credit score, Cleveland Bankruptcy Attorneys is with you through the entire process.
Credit Card Debt
Depending on how many credit card companies you owe and the amount, a debt settlement attorney might suggest consolidation or bankruptcy. Chapter 7 bankruptcies wipe out credit cards and other types of unsecured debt.
However, you do not want to declare bankruptcy immediately after making a large purchase, or you could face allegations of fraud.
When you default on an unsecured debt, such as a credit card, the lender could go to court and seek a judgment. A judgment is a legal document signed by a judge that acts as a lien on unsecured debt. You may find it challenging to apply for another credit card, car loan, or lease if there is a pending judgment against you.
Student loans are unsecured debts that are typically not discharged when you file for bankruptcy. However, there are other options available to you, such as debt forgiveness if you qualify. The lender can also pursue payment by anyone who co-signed the loan, such as a parent or grandparent.
A debt settlement lawyer can advise you on the best solution for an unpaid lease. There are options for avoiding eviction for an apartment lease or repossession for a car or furniture lease. You might be allowed to reduce your payments or get a lower interest rate through debt settlement.
According to a study published in the American Journal of Public Health, medical debt is the reason for more than 66 percent of all personal bankruptcies.
Medical debt includes everything from ambulance service to rehabilitation to the fees charged by collection agencies attempting to secure payment. If a debt settlement attorney cannot negotiate a reduced amount, declaring bankruptcy might be the answer.
Loans After Serious Injury
Coming on the heels of medical debts are loans that individuals often get after a severe injury or extended illness. Even if you can pay the doctor and hospital bills, you might not have enough for rent, utilities, or groceries. While an unsecured loan may seem like a solution, it only adds to your crushing debt when you can no longer pay.
Despite the saying that the only two certainties in life are death and taxes, it is possible to avoid tax debt. Declaring bankruptcy might be a way to erase tax debt or to remove or reduce interest and penalties significantly.
Call an Ohio Debt Settlement Lawyer Today
Get long-term debt relief to end collection calls, stay in your home or apartment, and regain financial control of your life. An Ohio debt settlement lawyer with Cleveland Bankruptcy Attorneys helps you find the best solution. Call (216) 586-6600 to schedule your free consultation.