Hire a Debt Negotiation Lawyer in Greensboro, NC
& Get The Financial Relief You Deserve
Are you feeling consumed by debt? Is your debt so bad that you are worried you may have to file for bankruptcy? Take some of the weight off your shoulders by consolidating your debts. A debt settlement can be a great alternative to bankruptcy. Just like filing for bankruptcy, debt negotiation is not a process you want to go through alone. At Ivey McClellan, we have skilled negotiators (with over 70 combined years of success in Greensboro, North Carolina) ready to work with creditors on your behalf. Our debt settlement attorneys use their knowledge and experience to pursue a permanent payment reduction or negotiate a debt consolidation agreement. With us working on your side, you are much more likely to strike a deal with the collection agencies.
Contact a Debt Negotiation Lawyer Today
Discuss your options with a debt negotiation law expert!
How Does Debt Negotiation Work?
During the debt settlement process, your debt negotiation attorney will contact any creditors you have outstanding balances with to negotiate either a lump sum pay-off or a repayment plan to settle the bad debts without penalties. On average, we will request a pay-off of 40% - 60% of the original amount owed, along with the cancellation of interest rates and late fees. Using tactics and strategies that have worked for our clients repeatedly, we have successfully negotiated debt solutions for most debtors. Some debt collectors are harder to negotiate with than others; however, our debt negotiation lawyers have the aptitude and patience to get you one step closer to an excellent credit score by providing superior debt resolution services.
The types of debt that can typically be negotiated down into a debt consolidation loan or a debt relief program include:
- Unsecured debts (collateral not required)
- Credit card bills
- Student loan debt
- Unpaid medical bills
Why Not Negotiate with Debt Collectors on Your Own?
You’re already in debt, so pay even more money to a debt negotiation lawyer? Why not talk to the collections department on your own? Negotiating directly with your creditors is possible, but it’s also risky.
If your creditor sold your unpaid loan or credit card debt to a debt collector, it's difficult to proceed without seasoned legal help. Debt collectors are experts in getting the highest possible settlement for their company. Their company purchases your unpaid debt for a percentage. Their goal is to get you to pay more than what they spent. It’s how they make money for their company, and they do what it takes to force you to pay. Without clearly understanding the Fair Debt Collection Practices Act, you may not realize that they say or do things that are considered abusive practices.
If you aren’t skilled in negotiating with debt collectors, they use tactics that may confuse you. Scare tactics may not fall in line with what’s legal in North Carolina. A Greensboro debt settlement attorney knows what they can and cannot demand and gets the debt owed to the lowest possible level.
How To Negotiate Debt Settlement With A Lawyer
You do not have to have a debt settlement attorney in order to negotiate with creditors and collection agencies; however, it is strongly advised that you at least seek the advice of someone who is experienced in debt negotiations. Working with a lawyer to settle debt will take a lot of stress and pressure off of you. The professional, highly experienced debt negotiation lawyers here at Ivey McClellan possess expert negotiation skills and the know-how to minimize your legal risks while negotiating the best solution for you to begin your debt-free life.
There are credit counseling and debt settlement companies, such as National Debt Relief, that you can work with. Unfortunately, these options usually end up costing you more than working with an experienced debt relief attorney. You may need debt resolution help if you:
- Have a substantial amount of debt.
- Are at risk of having your wages garnished.
- Have received threats from creditors to seize your property.
- Are being sued by a creditor or debt collection company.
- May need to file for bankruptcy.
- Financially unable to make your monthly payments.
Once you have found the right lawyer to work with, the first step will be calculating how much debt you can afford to pay before starting negotiations with the creditors.
NOTE: Negotiations can take anywhere from 3-36 months. If your debt settlement takes an extended amount of time, that gives you an opportunity to save enough money to pay your debts in large lump sums. You and your attorney will work together to come up with a debt management plan, typically starting from the lowest balance to the largest.
Payroll, Taxes, Secured Debt Payments, Trade Creditors, Litigation, and Foreclosures.
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Wills, Living Wills, Trusts, Powers of Attorney, and Guardianships.
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Fraud, Liability, Infringement, and Disputes.
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Federal, State, Personal, and Business.
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Divorce, Child Custody, Child Support, Alimony, and Prenuptial Agreements.
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How Legal Representation Protects You During Debt Negotiation
With a plan in place, your debt negotiation lawyer will begin the negotiation process with the creditors. By law, once they know you are being represented by an attorney, the creditor can no longer contact you directly. All further communications will be done between the collection agency and your lawyer. This will relieve you of stress and end the possibility of creditor harassment.
If bankruptcy is declared, your attorney will remind the debt collectors that it is in their best interest to negotiate the debt down. When bankruptcy occurs, the unsecured debt is typically discharged, meaning the creditors will not get any of the balance owed. By choosing to negotiate a lower settlement, the creditor will at least receive a percentage of the outstanding balance.
Whether you are working with an attorney or not, you should always have the final settlement agreement evaluated by a legal professional to make sure you are getting the best result possible. We would be more than happy to schedule a consultation with you to look over any agreements for you and give you the advice you need to get the results you deserve.
Frequently Asked Questions About Debt Settlement And Debt Negotiation Lawyers
Ivey McClellan compiled a list of questions we hear from many prospective clients. These are the things most people ask before hiring a Greensboro debt negotiation lawyer.
Is debt settlement legal in North Carolina?
Yes, but the state also does a lot to prevent predatory debt settlement practices. That’s why it’s important to work with an attorney who focuses on debt relief.
How does debt relief differ from bankruptcy?
Bankruptcies require you to go through the court system, which requires a level of public exposure. Debt relief allows you to privately negotiate relief from debt without having to file legal forms or go through a court. Your debt negotiation lawyer negotiates a lower payment or reduction in the balance you owe.
How long does it take to complete a debt negotiation?
It comes down to the debt you owe. For some clients, the debt negotiation process takes a few months, but for others, it takes up to three years.
Do I keep paying my credit card bills during negotiations?
Your debt settlement lawyer will advise you on how to proceed. Usually, your account is closed, but you keep making payments while the debt negotiation continues. This protects the credit card company from reporting you as delinquent. You may be unable to make the minimum payment, which is why you should talk to a lawyer specializing in credit card settlements.
Can a creditor sue you during the debt negotiation process?
As debt settlements take time, your creditor may sue you. If you’re working with a debt settlement attorney, it helps avoid lawsuits.
Will debt negotiation hurt my credit score?
A debt settlement does appear on your credit report and affects your score for seven years instead of the 10 years a Chapter 7 bankruptcy is on your credit report. It’s not as detrimental as bankruptcy, however, as you do pay some of what’s owed in a debt settlement.
Do I have to pay taxes on the forgiven debt?
Depending on how much money is forgiven, you may need to pay taxes on it. If the debt cancellation is $600 or more, it counts as additional income. The IRS does tax you on that amount.
Work With a Debt Negotiation Lawyer
Our attorneys have successfully negotiated large debt reductions all throughout North Carolina. You can be our next success story. All you have to do is contact our Greensboro office or schedule a consultation using the form below to get started right away. Call us at (336) 274-4658 or reach out here to meet with a skilled debt negotiation lawyer today.
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Office Locations
Greensboro
305 Blandwood Ave
Greensboro, NC 27401
Phone: (336) 274-4658
Fax: (336) 274-4540
Eden
551 Monroe Street
Eden, NC 27288
Phone: (336) 623-4600
