Hand holding money and calculator sitting on table figuring out budgeting after bankruptcy

Dealing with debt, especially under the current frail economic conditions, can be both stressful and unnerving. Since the pandemic started in early 2020, millions of Americans have lost their jobs as thousands of businesses are forced to shut down following the national lockdown order to slow the spread of the virus. If you’re knee deep in debt due to loss of job or failing business, you might be wondering what options you have to settle the debt.

Most consumers are often confronted with the dilemma of whether they should hire a debt settlement attorney or turn to a debt settlement company. While either option may be reasonable depending on your situation, the former tends to offer more benefits and lead to a greater satisfactory experience both in the short and long term.

Hiring A Lawyer Vs Debt Settlement Company

There are many debt settlement companies out there that promise to help you find debt relief by simplifying or reducing your debt, consolidating your debt or negotiating your debt. However, many debt settlement companies lack an understanding of debt collection laws that can assist in negotiation. In addition, the  Federal Trade Commission warns that hiring a debt settlement company that lacks legal expertise can have a long term negative impact on your credit score and reporting.  

If you need help negotiating with creditors, it’s often better to hire a debt settlement lawyer. An experienced debt settlement attorney can provide you with practical advice after fully analyzing the circumstances that lead to your inability to pay your debt. They possess the required negotiation skills as well as practical experience and extensive knowledge about debt collection. And unlike a debt settlement company, a lawyer can represent you if a creditor files a lawsuit against you.

When Is The Right Time To Hire A Debt Settlement Lawyer?

When you are sued by a creditor – If a lender decides to sue you to collect their money, it’s time to hire an attorney to defend you in the lawsuit. Likewise, a lawyer can provide specific advice and let you know your options if a creditor violates the law in their efforts to make you pay back.

If you have assets you want to protect – Some creditors can go to any length in a bid to recover their money, even if it would mean taking possession of your personal property such as a car or personal property. A skilled lawyer can protect you against possible forfeiture of some of your assets.  

Where To Find The Right Debt Settlement Lawyer In Media, PA

When you’re looking to hire a debt settlement lawyer, it’s important to choose the one with the right skills and experience to help you organize your finances. Attorney Michael Alan Siddons is one of the best debt settlement lawyers who has made a positive impact in the lives of clients within and around Media, PA. His strong negotiation skills and extensive years of legal experience makes him qualified to handle your cases and help you chart a new direction towards a fulfilling, debt-free life. 

Want to find out how he can help you settle your debt with any negative long term consequences? Visit his  official website or call 610-255-7500.