Wellington Debt Management Attorney
Sometimes, bankruptcy is the best option for someone who is having financial difficulties. Sometimes, however, it is not, and many times, those looking for an attorney have already bought into bankruptcy as a foregone conclusion. In reality, there are alternatives for some people, depending on their specific situation, but it can still be a good idea to have an attorney help you assess the whole picture. A smart Wellington debt management attorney can help save you from bankruptcy if the facts lend themselves to that possibility. There are several procedures that may be a good fit for you.
One of the most common in this age post Bankruptcy Code modifications is what is referred to as a debt workout. Also called an extension or a composition, this is essentially a term of art used to describe various compromises made between debtors and lenders. While these types of agreements can be either informal or they can follow Florida contract law principles, either way, they are nonetheless almost entirely dependent on the creditor’s good will.
Another common way of working to eliminate debt is to reach out to credit card companies to try and effect a deal. U.S. credit card debt has hit an all-time high in 2018, and the average Floridian carries a balance of $8,444. Credit card companies are aware of this, and know that many want to make deals. However, they are also aware that the majority of credit card debt is unsecured, meaning they have little recourse if someone files for bankruptcy. It is not implausible that your credit card company will be willing to negotiate, especially if you have an attorney on your side.
Defense of Current Assets
Another way that a knowledgeable attorney can help manage your debt without bankruptcy is to defend against creditors who may cross the line. Very often, companies will buy up debt and attempt to collect on it – but they very often do not ensure their information is correct, and this will endanger a filing under Florida law (that is, very often, it can be dismissed). Sometimes creditors may also act in a threatening manner to get someone to pay their debts, which they legally are barred from doing (Florida has even stricter laws on these practices than the federal government does). A knowledgeable attorney may be able to get them to back off.
You may also, during this period in your life, hear a lot about credit repair. Many credit companies will make promises to those with negative credit histories, promising to remove negative information or hard credit investigations for a fee. This is not only impossible, it is illegal to make such promises. An attorney may be able to help you repair your credit somewhat, however, by trying to negotiate on your behalf with certain lenders, especially if the debt is unsecured. The only true way to fix one’s credit is time, but making payments without late fees and generally proving yourself trustworthy is a good start, and an attorney can in some cases help you to do this.
Enlist An Experienced Wellington Debt Management Attorney Today
Bankruptcy may seem inevitable, but for many, it is not. Checking out your options before surrendering to a Chapter 7 or 13 is always a good idea and may save you considerable time and trouble in the long run. Contacting an experienced debt management attorney is a good first step. Our business minded attorneys at Markarian & Hayes are happy to try and assist you. Call us today to schedule an appointment. We serve Wellington, Vero Beach and Palm Beach Gardens.