Los Angeles Debt Relief Lawyers

Debt Consolidation

This is a debt relief option that combines all your unsecured debt into one payment, generally with a better interest rate and a monthly payment you can afford. This allows you to pay off your debt faster while also saving you money on the overall amount owed. The goal is to reduce interest rates and monthly payments enough to allow you to pay off your debt in three to five years. 

Different types of programs may be used under debt consolidation programs. They can include using a balance transfer credit card for those with good enough credit or using a personal loan from your bank, credit union, or another lender. The loan allows you to pay all or a portion of what you owe on credit cards and then pay off your loan through monthly installments. Once again, you should be aware of the pros and cons of debt consolidation options. 

Debt Settlement

Debt settlement can be used when you have too many late payments, skipped payments, or debt that has been taken over by a collection agency. This typically involves unsecured debt, such as credit card debt. It is not an option for collateralized debt, such as your mortgage or vehicle loan. 

Settlement occurs by negotiating with your creditors when it is generally understood that you will not be able to pay back your debts under current arrangements. Negotiations may lead to an overall reduction in your current balance, payment amounts, or interest rate. 

This option is often done by a debt settlement company. However, these companies have risks as stated by the Consumer Financial Protection Bureau. These risks can include expensive fees, an inability to settle your debts, further destruction to your credit score, additional penalties, and lawsuits. 

That is why we recommend that you work with our reputable attorneys who have spent their careers serving the public with honesty, integrity, and genuine care for a successful resolution that works for you.

How Our Debt Relief Attorney Can Help You

Here are some ways we can assist you:

• Understanding Your Financial Situation: The first step in achieving debt relief is gaining a clear understanding of your financial circumstances. We will perform a comprehensive evaluation of your income, expenses, debts, and assets. This analysis allows us to identify your options and develop a tailored plan that suits your needs.
• Legal Representation: When dealing with creditors, having legal representation is crucial. We will advocate for your rights and handle all communications with creditors, preventing harassment and ensuring that you are treated fairly. We understand the laws surrounding debt collection and will leverage our knowledge to protect you from illegal practices.
• Developing a Debt Management Plan: If debt settlement or bankruptcy is not the right fit for you, our attorneys can help you create a personalized debt management plan. This plan may involve negotiating lower interest rates, establishing a budget, and implementing strategies to pay off your debts over time.

Navigating Bankruptcy Proceedings

If bankruptcy is the best course of action, we will guide you through every step of the process. This includes:

• Filing the Petition: We will prepare and file the necessary bankruptcy paperwork on your behalf, ensuring accuracy and compliance with all legal requirements.
• Dealing with Discharge and Reaffirmation: We will help you understand which debts can be discharged and assist with reaffirming any debts you wish to keep, such as your home or car.
• Post-Bankruptcy Support: The completion of a bankruptcy case does not mean the end of our support. We will continue to assist you in rebuilding your credit and creating a financial plan to avoid falling back into debt. We provide resources and strategies to help you improve your financial literacy and make informed judgments in the future.
• Protecting Your Assets: One of the major concerns during the debt relief process is protecting your assets. We will ensure that you understand the exemptions available to you under California law, which may allow you to keep certain assets during bankruptcy. We will work diligently to help you preserve your property while addressing your debts.
• Compassionate and Personalized Service: Every financial situation is unique, and our approach reflects that. We pride ourselves on delivering compassionate, personalized legal services tailored to your specific circumstances.
• Comprehensive Resources and Education: In addition to legal representation, we believe in empowering our clients with knowledge. We provide comprehensive resources and educational materials on debt relief options, budgeting strategies, and financial planning. We want you to feel confident and informed as you embark on your journey to financial freedom.
• Commitment to Client Success: Your success is our priority. We are determined to work tirelessly on your behalf to help you reach a fresh start and regain your financial footing. With our expertise and dedication, we can help you explore the best debt relief options and make informed decisions for your future.