Discharging Debt Lawyer Melbourne, FL
In the United States, debt has become a serious problem for many Americans. With the Coronvirus making way into the country, there has been a surge in bankruptcy applications. Although many people might think bankruptcy is their only option, a discharging debt lawyer in Melbourne, FL might discuss alternative solutions.
Before you make any decision, talk with a debt and bankruptcy lawyer Melbourne, FL has to offer. Call Arcadier, Biggie & Wood, PLLC, today for a case review.
The Difference Between Debt Settlement and Bankruptcy
Bankruptcy is a great solution for some, and not practical for others. If you need financial relief, Arcadier, Biggie & Wood, PLLC, invites you for a consultation where we’ll find out what you need to get a fresh start. We have been helping individuals, couples, and businesses discharge their debt in the most efficient way possible. Find out how we can help you. Call a discharging debt lawyer in Melbourne, FL today.
Understanding Debt Settlement
Debt settlement is not the same as bankruptcy. It involves a process between you, your lawyer, and creditors to reduce your payments; therefore, your overall debt. The benefits of this over bankruptcy include:
- You may be able to pay less than what is owed
- Interest and late fees may be reduced or waived
- Creditors will stop harassing you
- Your credit report won’t be as impacted
While you could technically try to attempt this negotiation on your own, you will likely not get very far. Creditors are very good with words, and they understand you may be limited with your legal knowledge and negotiating skills. They might also tell you that it is not possible to negotiate your debt or offer you a deal that is not good enough. When you have a discharging debt lawyer in Melbourne, FL on your side, it shows them you are taking your situation very seriously. You increase the chances of reaching a settlement deal that is much more acceptable.
There are two primary bankruptcy options: Chapter 7 and Chapter 13. Both help to reduce or eliminate credit card debt, medical debt, and other forms of debt. To file Chapter 7, you must meet certain criteria, and you risk losing some or all of your assets. Chapter 13 gives you the option to consolidate all your debt and make monthly payments for 3 to 5 years. Once this period has passed, a judge can choose to eliminate the rest of your debt. Which option is right for you will depend on your situation. A discharging debt lawyer in Melbourne, FL can help you to understand whether this is a possible solution.
A judgment is an official legal document that declares a debt is owed, and you are the debtor. Judgements are issued by the court, and signed by a judge. It gives creditors the right to collect the debt. In general, when a collector is not getting anywhere through phone calls, emails, and other methods, they may seek a judgement. If you have gotten a judgement and are concerned about wage garnishments or a lawsuit, call Arcadier, Biggie & Wood, PLLC. We can discuss what is going on and let you know what might be best for your situation.
For a consultation with a bankruptcy and discharging debt lawyer in Melbourne, FL, call Arcadier, Biggie & Wood, PLLC.