Bucks County Credit Card Settlement Lawyer
If you’re beginning to struggle with growing credit card debt, you may want to consult a credit card debt settlement attorney. At an average, credit card interests’ rates are charged 13% monthly to your outstanding debt. At this point, you may have late fees and collection notices piling up. With solid guidance through this difficult time, you can make informed and financially sound decisions. There are costly debt settlement traps offered these days through deceptive credit counseling companies. You may be receiving notices about credit card elimination or debt termination strategies. However, bear in mind that unsuspecting debtors can be taken advantage of and may end up with more serious financial problems.
If you or someone you know is looking for credit card settlement options, you should speak with an experienced lawyer. The credit card settlement lawyers of Young Marr & Associates have extensive experience negotiating debt settlement and offer unwavering commitment to helping you prepare to tackle financial distress. Your initial consultation is free of charge and confidential. Call us at (215) 701-6519 to schedule a consultation.
Impact of Debt Settlement
In essence, a debt settlement means that a creditor agrees to accept less than the full amount they are owed, so debtors should expect certain consequences. Debt settlement commonly results in negative notations in credit scores for seven years. Also, there are employers justified in reviewing credit reports for specific jobs.
A credit card settlement professional can help you understand in depth the consequences of a credit card settlement. Skilled attorneys can give a realistic portrait of the ways in which debt settlements affect lives over time, especially if there are collection actions against a debtor. If you work directly with the creditor, they may notify credit reporting agencies that a settlement was reached. Your account might also be listed as delinquent until the settlement transaction is completed.
Debt settlements could also affect your taxes. Some levels of debt forgiveness are considered taxable income, which could lead to a larger tax bill. Creditors are required by law to notify the IRS when a debt of more than $600 is settled.
Rights at Stake When Under Collection in Bucks County
If you reach the point where your debt has been passed off to a collection agency, the damage to your credit report may last for a number of years. There are many possible scenarios depending on the amount owed and the stage of the collection process. You may even have a lawsuit pending in Bucks County court or in small claims court. Consulting with an expert can help you stay informed and protect your interests.
There are significant differences in how lawyers view collection actions. Some collections actions seem hard to fight, and a settlement may be the best alternative. However, at the point when the debt is sold to a third party or collection agent, there are ways to challenge the action if a lawsuit has been filed against you. In a nutshell, a credit card settlement attorney can provide you with the right guidance needed to challenge unwarranted collection actions successfully.
Common Practices That Can Hurt Debtors In Pennsylvania
If you’re looking into hiring a credit counseling agency, you should be aware that there are some risks. Not all debt relief agencies inform clients about the potential legal consequences of debt settlement. Some people facing financial distress may end up in an even worse situation after hiring expensive agents who can exacerbate the effects of mounting debt.
An experienced credit card settlement attorney should know how to best approach credit card debt relief in Bucks County and explain the repercussions of debt settlement for you. For example, debt settlement can take a long time, and the impact this can have on your credit deserves serious consideration.
Moreover, some companies try to mask their intent with fancy legal jargon when describing payments plans that may end up creating additional financial troubles. For instance, when the idea of “debt elimination” is presented as a solution, the conversation should also include the option to file for bankruptcy, which can be a useful tool for eliminating debt. Remember that debt settlement is about more than simply erasing debt; it is also about creating meaningful lifestyle changes that fit your budget and protect your debtor’s rights.
Deceptive Debt Reduction Offers
Debtors should be aware that some credit card settlements involve the use of arcane legal terminology by credit card counselors who want to appear to be experts in protecting your rights. For example, some agencies use deceptive agreements filled with legalese like “indenture” or “bond” or “Redemption Certificate” to appear as experts. This can be very risky.
Recent years have seen a rise in misleading tactics by unscrupulous organizations. A committed credit card settlement lawyer will help you look at all the pros and cons of credit card settlement, bankruptcy, and other available options.
Free Bucks County Consultation On Credit Card Settlement
Credit card settlements decisions can impact many aspects of your life. Our team is committed to providing personalized, comprehensive credit card debt relief services of exceptional quality. We are trusted and experienced bankruptcy attorneys. Whether we are being approached by a small business owner who is struggling to repay loans, a family concerned about losing their home to foreclosure, or a client facing severe financial setbacks due to an illness, our goal is to help every client manage, reduce, or even eliminate their debt. Call (215) 701-6519 to schedule a free consultation.