Debt Settlement Attorneys
Financial hardship is a type of problem that many people are not sure how to address. While you may feel as though you have things under control, your problems with consumer debt may actually worsen with each passing month. Even if you are aware of your need for debt-reduction, it may be difficult and extraordinarily challenging to deal with excessive debt on your own.
This is where the experience and guidance of Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP comes in. Our reputable team of North Carolina attorneys has successfully negotiated debt reductions and settlements for residents of the Greensboro, Eden, and surrounding areas for more than 70 years. Our extensive experience can be used to your advantage when it comes to protecting your interests as a debtor. We want to be there to help you get out of your difficult financial situation through debt settlement services.
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Discuss your options with a debt settlement law expert!
How recognize the time to seek help
Anyone is vulnerable to financial hardships, even those who are fiscally responsible with their earnings. It is easy for those who are struggling financially to ignore the signs and try to resolve things by themselves, but trying to do so may hurt your credit score. Spotting the signs of financial hardship and acknowledging your situation is the first step in finding a solution. If you are experiencing some of the following signs of financial troubles, you may be struggling with debt:
- You are not able to contribute to a savings account
- You do not have any leftover income after budgeting
- You are using credit cards to pay your bills
- Collection agencies are harassing you
- You have unpaid bills
- You use payday loans
- You worry about possible repossession
- You are only making the minimum monthly payments on your debt
- You are regularly borrowing money from loved ones
Debt settlement services offer different resolutions to your financial hardships compared to bankruptcy, so how do you know which option is right for you?
Debt settlement versus bankruptcy
While our skilled team does offer bankruptcy representation as a way of resolving overwhelming unsecured debt, a debt settlement program may be the best option for your unique needs. For most personal debt, Chapter 7 and Chapter 13 bankruptcy offer debt relief services to either discharge unsecured debts (such as credit card debt, medical bills, and other types of debt) at the cost of selling off your nonessential assets. Or you may be assigned a debt consolidation plan with a set monthly payment for a specified period of time.
Debt settlement is an option to pay off a debt that allows you to negotiate to repay a portion. It also gives you the opportunity to pay less than you owe on your debt while avoiding filing for bankruptcy. Through effective negotiation, you can arrange an agreement with your lender to pay less than the total amount you owe instead of paying off the total debt over many years while interest is still accruing. They may also be more willing to accept a deal if you can pay a lump sum.
Debt collectors are typically willing to accept this type of deal because they know that if you were to pursue bankruptcy, they would not receive any payment at all. Because creditors (like credit card companies) are almost always willing to accept a partial payment for the debt you had accrued, it can be to your advantage to settle your debts without a bankruptcy proceeding.
How we can help your debt settlement process
You may have heard that you can pursue debt settlements on your own, but it might not be in your best interest to try and negotiate without representation. Trying to settle your debt on your own may result in settling on an agreement that has you paying back far more of your debt than you should have to. A debt settlement company can offer their services, but they may cost you more than they save you.
Dealing with creditors on your own to get your debt forgiven is rarely the best option. With decades of experience at our side, our local North Carolina attorneys know how to resolve things quickly while also negotiating to secure the settlement agreement that you deserve.
You should not have to do it alone
Unexpected major medical expenses, sudden job loss, or other unanticipated financial expenditures should not be burdens that weigh you down for years of financial hardship. Settling your debt problem is not an easy thing to do, and you should have to do it by yourself. Let us help you negotiate a debt management plan that can help you avoid bankruptcy.
You can trust us to provide you with the debt help you need. With our offices in both Greensboro and Eden, our law firm invites you to meet with us and begin the process of debt resolution that you need to free yourself from overwhelming debt like outstanding credit card balances. Contact our offices today to schedule your initial consultation and take the first step toward becoming debt-free.