There are many Hialeah residents struggling with debt, but there are also many debt relief options for these individuals.
While many people file for bankruptcy when seeking debt relief, it’s not always the best option or the right time for others. This is because the government requires anyone who files for bankruptcy to take a Means Test, which looks at the income of the person filing verse the average income of the state where they are filing. The test also looks at the person’s overall debt compared to their income and a few additional factors. If your income is higher than the Means Test allows, you are unable to file for bankruptcy.
This is where other avenues of debt relief come into play. At Loan Lawyers, our skilled debt relief attorneys have over 100 years of combined experience in finding the best possible solutions to get our clients out of debt and back on their feet.
How Loan Lawyers Can Help
When our qualified debt relief lawyers work on finding the ideal debt relief solution for you, we often look for ways to negotiate better payment terms with your lenders. Typically, as a result of these negotiations, the debt amount is reduced or the time period for repayment is extended.
Lenders can approve any of the following when it comes to restructuring your payment terms:
- Reduce the interest rate on the current loan
- Reduce the overall amount for the balance owed
- Extend the timeframe in which an individual is to repay the loan
- Reduce monthly payment amounts
- Discharge the debt amount after a smaller lump sum has been paid
There are many different benefits to securing a debt relief plan with lenders. First, your credit score remains intact because you are continuing to make payments on your loans. Second, you put an end to any harassing communications from debt collectors. Third, you avoid lenders going after your wages or property
Contact Loan Lawyers for Custom Debt Solutions
It’s important to have a team of experts on your side when negotiating with lenders and finding the best debt relief solutions available for your specific financial picture. At Loan Lawyers, we know exactly what to say and what to propose when negotiating with lenders. We know how frustrating it can be when you feel as though you will never regain control of your finances. This is why we want you to know that we are on your side, and we’ve got your back!
For more information, please contact us and request a consultation with our experienced Hialeah debt attorneys today.