Debt Relief Lawyer Phoenix, AZ
Our debt relief lawyer Phoenix, AZ trusts knows that serious personal debt is often resolved by filing for Chapter 7 or Chapter 13 bankruptcy. These are powerful legal tools and are just what is needed in certain situations. However, bankruptcy is not appropriate for everyone, and some may hope to resolve their debts using a less extreme option.
Thankfully, there are alternatives to bankruptcy for those who don’t need to file for bankruptcy in order to get their personal finances back on track. Whether a given option is appropriate for you will depend on your financial circumstances and the types of debt you have. If you would like help determining which option best fits your unique situation, contact a debt relief lawyer Phoenix, AZ residents trust. At Kamper & Estrada, PLLC, each client’s situation is evaluated according to their unique circumstances, needs, and financial goals. Our Phoenix, Arizona debt relief lawyer team can help you find the debt relief option that makes the most sense for you and your family.
Working with Creditors Outside of Bankruptcy
Chapter 13 bankruptcy involves working out a three- to five-year repayment plan with the help of a bankruptcy trustee. This is essentially a series of negotiations to help you repay most debts over a more extended period with fewer debilitating penalties (like late fees and high interest).
Our debt relief lawyer in Phoenix, AZ, shares that while filing for bankruptcy and relying on a trustee does give you a certain amount of leverage with creditors, you could potentially negotiate repayment plans on your own without filing for Chapter 13. Ideally, you would get them to agree to lower payments over a more extended period, and to reduce interest and penalties.
What incentive do creditors have to negotiate? The knowledge that they would likely fare worse if you did file for bankruptcy. Filing Chapter 7 would discharge the debt entirely, and they may not be able to dictate the terms of a Chapter 13 repayment plan as successfully. If you’re concerned that your creditors won’t negotiate fair deals or you don’t want to attempt negotiation without assistance, contact our Phoenix, AZ debt relief lawyer team for help.
Learn About Debt Consolidation Options
Repaying debt is usually more manageable if you have just one payment to make (rather than many payments to different parties). To achieve this, you may be able to consolidate debt by securing a home equity line of credit, transferring debt to a credit card with a low-interest introductory rate or taking out a debt consolidation loan. The idea would be to pay off your many debts using the available credit and then focusing on repaying the single loan or line of credit.
Our debt relief lawyer in Phoenix, AZ shares that, with these options, you will need a fairly decent credit score for approval. Therefore, you’d need to act on your plan before your debt problems tank your credit score.
Are You Judgment Proof?
If you are considering bankruptcy because of a judgment a creditor obtained against you, our debt relief lawyer in Phoenix, AZ, suggests determining whether you are “judgment proof.” Even if the judgment exists, the creditor may be unable to collect from you for one of the following reasons:
- You have no assets that can be used to satisfy the debt
- The judgment cannot be enforced because it was obtained in a jurisdiction other than where your property is
- There is a statute preventing the execution of the judgment
This bankruptcy alternative is not likely for most people. But it never hurts to explore all of your options before deciding to file for bankruptcy.
Contact Us to Learn How We Can Help You
The best way to learn whether bankruptcy is right for you is to speak to our Phoenix, AZ debt relief lawyer, about all of your options. Our firm gives honest, straightforward assessments to each client, and we only recommend bankruptcy if it is genuinely in your best interest. Contact us today to learn more. We look forward to speaking with you.
Understanding Bankruptcy and Debt Consolidation
Our debt relief lawyer Phoenix, AZ residents can rely on can help provide you with the guidance you need to navigate your financial woes. At Kamper & Estrada, PLLC, we know that you will be under tremendous pressure to manage your debts and make the right decision based on your situation. Not only can we help you to understand debt consolidation, but we can also present you with options available should bankruptcy be the right solution for you. Our debt relief lawyer in Phoenix, Arizona, knows that constant phone calls from creditors can be incredibly stressful; we want to help you.
Understanding Debt Consolidation
Debt consolidation allows debtors to take out a consolidation loan to pay off the debts that they may have. This can be helpful in that often, having one lower monthly payment makes your ability to manage your debts and pay them off more realistic. If you are dealing with massive unsecured debts, it can be challenging to face your creditors. In some cases, it may even be intimidating. Our debt relief lawyer in Phoenix, AZ, can assist in managing and negotiating with creditors. In some cases, this could reduce some of the debts you owe.
After consulting with us, it may be in your best interest to choose bankruptcy. This is especially true if:
- Your credit score is too low to be approved for a loan
- You are reliant upon your credit cards
- Are only able to make minimum payments
- Are being contacted by creditors
If you are experiencing any of these hardships, it may be a good idea to contact our Phoenix, AZ debt relief lawyer. We can help you to understand the bankruptcy options that are available to you. When considering personal bankruptcy, many choose between the two following options:
- Chapter 7
- Chapter 13
Chapter 7 and Chapter 13 are both very different in that there can be advantages and disadvantages to each. Chapter 7 will liquidate many of your debts, while Chapter 13 requires that you repay your debts over three to five years. Our Phoenix, AZ debt relief lawyer will take the time to review your specific needs and situation and will help you choose the bankruptcy filing that is right for you.
Contact Our Office Now!
When you are struggling with debt and need to find relief, you should seek the help of a trusted Phoenix, Arizona debt relief lawyer from our team. We understand that there are many reasons a person may fall into debt and getting out of debt is never as easy as getting into it. When you want to learn more about debt relief and what we can do for you, give our office a call. We care about getting you back on your feet and helping you start over. We believe everyone deserves a second chance when it comes to their finances. Call our office to see how we can help you.
What can debt settlement do for me?
When someone needs debt relief, one thing we can look into is debt settlement. When you settle your debt, it means that your attorney will work to negotiate the debt you owe to a lower amount. This means that your principal balance will be smaller. Thus, instead of only reducing your interest rates (like you would if you were consolidating your debts) your actual overall debt would be lower. You may be wondering why a creditor would be willing to take less money than the balance you currently owe. This is because if they know you can pay a lower amount, they are more likely to close your account with them than never see their money. This is typically a win-win for everyone involved.
I’m worried about my credit score. How will debt settlement affect my credit?
Unfortunately, if you are already worried about having debt, the odds are that you likely do not have the best credit score. While you are working through a debt settlement or debt relief program, your credit score probably will not improve. However, once you complete the program, you can begin working on improving your credit and making wise financial decisions.
I’m sick of being harassed by creditors and agencies. Can you do anything?
We can work on your behalf to speak with the creditors about stopping collection calls, especially once we have a financial settlement plan in place.
Get the Help When You Are Hurting From Debt
When you are looking for financial and legal help when you are swimming in debt, look no further. We want to help you start fresh. Contact our Phoenix, Arizona debt relief lawyer now.
When to Hire a Lawyer for Debt Settlement
Many Americans struggle with debt. Unfortunately, too many are afraid to use the tools available to them, such as bankruptcy, to deal with debt when it is out of control. If you are considering settling your debts, you may need the help of a bankruptcy lawyer. What are the warning signs that you need a debt settlement attorney right away?
A Creditor Filed a Lawsuit Against You
Once a creditor files a lawsuit against you, you need a lawyer. If you cannot pay your credit card bills or other debts, then the creditor has every right to file a lawsuit. When this happens, you could have a serious judgment against you. Once the judgment is made, you have no choice but to pay. This is why you need to have a lawyer as soon as you are at risk of a lawsuit.
Lenders Are Garnishing Your Wages
It is hard enough to pay your debts and your bills, but when the creditor garnishes your wages, you may be in even deeper water. How can you pay for the necessities if the creditors receive part of your paycheck? In this case, you need to hire an attorney to help you with the situation. He or she may be able to stop the garnishing.
Debt Repayment Is Near Impossible
The amount of money you owe is one of the most important factors when you are considering filing for bankruptcy. If you have a small amount of debt, you may be able to settle with the creditors. For instance, say that you owe a couple thousand dollars on a credit card, you may be able to offer the creditor half of that to settle your debt. However, when you owe money in the tens of thousands, it is a lot more difficult to pay off your debt, let alone settle it for less. If you are in more debt than you can see yourself paying off in the next five years, then it’s time to think about your options.
Bankruptcy is a useful tool for those who are in a substantial amount of debt. If you are worried about your wages being garnished or if you can’t pay your monthly bills, then your debt to income ratio may be too high. Don’t be afraid to set up a consultation with a bankruptcy lawyer to start the process to alleviate you of your debts.
Contact Kamper & Estrada, PLLC
Our debt relief lawyer in Phoenix, AZ, can help you manage your financial situation by providing you with options that are best suited for your unique situation. We can counsel you through the process of bankruptcy should it be in your best interest to take that next step forward. However, for some, bankruptcy might not be necessary. Through debt consolidation, you may be able to experience debt relief with the assistance of our Phoenix, AZ, lawyer. If you have a large amount of unsecured debt, we may be able to help you by negotiating lower payments so that they are more manageable. We may be able to help you to take back control of your financial situation so that you can live your life without the crushing debt that has been weighing on you.
For more information about how Kamper & Estrada, PLLC, can help you, contact our offices today. Our Phoenix, AZ debt relief lawyer is prepared to help you put your best foot forward when managing your finances.