Debt negotiation is a process in which a creditor or lender agrees to accept less than is actually owed for certain debts. While many individuals choose to seek debt negotiation on their own, working with an experienced debt relief attorney can help you settle your debt while simultaneously eliminating interest and late fees. Continue reading to learn when it may be time to consider debt negotiation.
Mounting General Debt One of the most common reasons individuals turn to debt negotiation with an attorney is because they are facing insurmountable general debts. This may be the result of poor spending habits, job loss, unexpected medical bills, or even the dissolution of a marriage. Pursing debt negotiation with a qualified lawyer can help you stop the harassing phone calls and put an end to your financial struggles.
Unpaid Tax Debts Individuals who fail to pay their federal taxes in full or do not file their taxes face a number of consequences including tax liens, levies, and wage garnishment. A tax lien refers to the government’s legal claim over your property and occurs when you fail to pay a tax debt, whereas a tax levy refers to the actual seizure of your property in order to satisfy the tax debt. Property items that can be seized by a levy include your vehicle or home as well as your rental income, wages, retirement accounts, and the cash value of your life insurance policy. Fortunately, tax debt negotiation with an attorney can help release you of liens and levies and put an end to wage garnishments.
Inability to File for Bankruptcy Many individuals turn to debt negotiation because they are unable to file for bankruptcy either due to eligibility restrictions or because they have already filed for bankruptcy within the past six to eight years.
Whether you’re interested in debt negotiation or filing for bankruptcy—the Golden State Law Group is here to help. With an unblemished service record, our bankruptcy law office is your number one resource for debt relief. Give our foreclosure attorneys and lien strip attorneys a call at (619) 234-3333 today!