Americans are trillions of dollars in debt collectively, and right now millions of people are struggling with what to do about their monthly bills. 

For too many people, the situation is unmanageable, and they are faced with very difficult choices.

Do they pay their bills or buy food for their families? 

Do they pay down their medical debt or get those badly needed new tires for their vehicle?

No one should have to face these situations, and many of them were brought about through no fault of their own:  they lost a job, they got injured in an accident, they got sick… any of these scenarios and many others can and often do lead to serious financial problems.

It’s fortunate that at least people who face these challenges have options at their disposal to get their debts under control and to start living with a bit more stability. 

One of those options is working with a debt settlement attorney.

This is a course that often leads to positive results, but there are both positives and negatives to consider. 

Alleviate Financial Solutions is here to help you if you face financial difficulties, and we’ll explain how we can do so for you below.

What Is a Debt Settlement Attorney?

A debt settlement attorney is someone who represents clients who want to remove their debts or at least pare them down and settle them so that they either go away immediately or they’re paid off over time. 

A debt settlement attorney negotiates with a person’s or a business’ creditors to help come to an agreement that puts existing debts in the past once and for all.

If this process is successful, it can help people and businesses avoid things like bankruptcy or other types of litigation, which is time-consuming, stressful, and expensive. 

Not to mention, if a debt is legitimately owed, it will likely not end well for the debtor (the party who owes a debt).

The Pros and Cons of Working with a Debt Settlement Attorney

An attorney is sworn by professional ethics to serve as an advocate for his or her clients. 

A debt settlement attorney will work for the best interests of clients and recommend what he or she feels is the best course of action to resolve a situation. 

As is the case with all things, there are pros and cons to working with a debt settlement attorney.

A few examples of each appear below:

Pros

  • Professional Knowledge – Perhaps the biggest pro when it comes to working with a debt settlement attorney is that he or she will possess a wealth of professional knowledge.  This can be invaluable when it comes to certain types of creditor/debtor laws or contractual laws that could apply to a situation.  
  • Experience – Creditors do what they do every day.  Part of how they make their living is by pursuing people and businesses that owe them money.  A debt settlement attorney can match that level of experience and “level the playing field” when a problem arises.
  • Stress Reduction – Anyone who’s ever had to deal with a creditor directly knows that it’s extremely stressful.  A debt settlement attorney can remove that stress and help people get back on their feet.

Cons

  • Turnaround Time – When the economy is in bad shape, every debt settlement attorney gets very busy very quickly.  People lose jobs and suddenly find themselves in deep trouble. If you’re one of many people struggling, then you should be prepared for your legal matter to take some time, as your attorney will be juggling a large number of cases.
  • Cost – Perhaps the biggest negative with working with a debt settlement attorney is that he or she will not represent you for free.  Legal fees can quickly become very expensive and make the savings on debts disappear.

Can You Settle Your Debt Without a Debt Settlement Attorney?

The short answer to this question is, yes, you can settle your debt without an attorney representing you, but it’s going to be more difficult if you try to handle this situation alone

You are most likely not a financial professional, and the people on the other end of the phone/email/letters are. 

That may be a good reason for you to look into working with a debt settlement company instead, as you’ll still have someone working on your behalf without all of the associated costs. 

See here for some difference between a debt settlement attorney and a debt settlement company.  

How to Find a Debt Settlement Attorney

There is a “best of both worlds” scenario out there for people who want to settle their debts but who aren’t in a position to pay full legal fees. 

Alleviate Financial Solutions is a debt settlement company that includes input from debt settlement attorneys when it works with clients who need our help. 

You can start the process of getting your finances under control by reviewing our Debt Settlement Guide

From there, you should reach out to us to learn more about how we can help you navigate through your specific situation. 

We look forward to working with you and helping you restore peace and stability to your life.