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  • Writer's pictureJohn Greenway

Why You Should Hire a Lawyer to Negotiate Your Debt

Although it may seem counter-intuitive to spend money on a lawyer when you re already in debt, you may be surprised to learn that hiring an experienced Debt Settlement Attorney can actually save you money.



The Benefits of Hiring a Lawyer

You are legally entitled to attempt negotiations with your creditors on your own behalf—you do not need a lawyer to do this. However, many people find that it is well worth the cost of hiring a lawyer who is used to dealing with these companies and knows how to negotiate on their behalf.

  • It is easy to avoid doing it on your own. It is natural to feel overwhelmed when you are drowning in debt and are dealing with spirit-numbing harassment from creditors. It can be hard to do anything other than survive, let alone put on a brave face and advocate on your own behalf with professional debt collectors. Negotiating your debt can easily become something that keeps getting moved further and further down your list, when the price of moving it to the top by finding a lawyer to handle it for you could free you from this endless cycle of debt and worry and actually allow you to move on with your life.

  • It is important to stay objective. Although you may be infuriated and overwhelmed, a good negotiator always remains calm and objective. This may not be possible for you in your current stressful state. The benefit of having a neutral third-party who can remain objective while strategically fighting for you can result in a much better settlement for you than trying to fight fire with fire.

  • Debt negotiation may not be the best option for you. Another benefit of speaking to a lawyer is that they may know of a better option for your specific circumstances. For instance, they may recommend filing for bankruptcy, or another alternative, that you were not aware of. They may have a broader picture of your financial situation and what will serve as a temporary band-aid versus getting you a fresh start.

  • A lawyer can protect you from creditors’ lawsuits. Some people choose to hire debt settlement companies to handle their debt negotiations, or others do it themselves. Both of these options run the risk of being sued by creditors before a deal is negotiated without adequate protection. Debt settlement companies instruct clients to stop paying their creditors while a settlement is negotiated, but generally offer no legal protection if following their advice gets you sued for non-payment. Likewise, if your DIY attempts at negotiation fail and you are no longer able to keep making payments, you may end up with a more costly legal issue than you would have had initially.

  • Lawyers can protect your rights. If your creditors are harassing you in violation of federal law, your lawyer can help you assert your rights and put an end to the harassment, as well as potentially seeking statutory damages for them.

  • Law firms offer a wide variety of payment options. When it comes to debt negotiations, there are a wide variety of ways that law firms charge clients. If you are tight on funds, you may look for a lawyer who will charge a percentage of the money they save you, as that will also be an incentive for them to get you the best settlement possible. However, other firms charge a flat rate or charge based on your total amount of debt. It is likely that regardless of your financial situation, you can find a law firm that will meet your needs, and many offer free initial consultations.

Contact Us to Find Out More

If you are overwhelmed with debt and want to understand your options, start taking your power back by contacting Sentry Legal Plan to find out more!

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