Many Americans start their day with debt collectors calling them up. Every day they say they don’t have the money, yet the debt collectors don’t stop calling. These calls can stop quickly if the debtor contacts a lawyer for Debt Relief in Dayton OH. He can help the person organize their debts and determine how much they owe and who they owe. Many people are so depressed, they haven’t even gone this far.
Once the lawyer knows all of the creditors, the amount of the balance and interest rate, he can get to work helping the debtor. He calls each one of the creditors and convinces them to lower the balance or interest rate, while arranging a longer period to pay back the loan. He might convince the bank to give the debtor 5 years to pay back a car loan instead of three. If the debtor has been paying off a high interest credit card for years, he may already have paid off the initial debt. Sometimes the lawyer can get the credit card company to accept that as payment and forgive the rest of the interest.
The lawyer also gets all of the creditors to sign off on the Debt Relief in Dayton OH plan, so they can’t change their mind. As long as the debtor pays back the money in accordance with the plan, the debt collectors stop calling. Debt relief is debt reorganization. The goal isn’t to lower the amount that the person owes, but to make it easier for them to pay it. While debt relief isn’t bankruptcy, working with a bankruptcy attorney may signal the creditors that it’s a possibility. Since they are likely to get more money under debt relief, they agree to reasonable terms.
Even if a person declares bankruptcy, he may still need to have a debt relief program. Bankruptcy does not apply to all debt. The exceptions are owed taxes, student loans, alimony and child support and some other forms of secured debt. Since a person can only declare bankruptcy every seven years, he could be in worse financial trouble if he doesn’t put his entire financial house in order. If he still owes the IRS money, the lawyer will have to work out a payment plan. People in financial trouble can Visit Site to learn more about debt relief and bankruptcy.
