{"id":579,"date":"2020-10-27T06:22:45","date_gmt":"2020-10-27T06:22:45","guid":{"rendered":"http:\/\/www.development-work.com\/mydebt\/?p=579"},"modified":"2020-10-27T06:22:45","modified_gmt":"2020-10-27T06:22:45","slug":"spotting-the-difference-between-a-debt-relief-company-and-a-lawyer","status":"publish","type":"post","link":"https:\/\/www.mydebtacademy.com\/credit-counseling\/spotting-the-difference-between-a-debt-relief-company-and-a-lawyer\/","title":{"rendered":"Spotting The Difference Between A Debt Relief Company And A Lawyer"},"content":{"rendered":"
Tired of creditors calling you every single day? Past due notices stacking up? Thinking about the settlement of your debt?<\/p>\n
That ball of debt spikes, hanging over your head, is forcing you to contact a lawyer. Isn\u2019t it?<\/p>\n
You may feel all confused right now, but you should keep in mind that \u201cHaste makes Waste\u201d. So before landing on a decision of hiring an attorney, you should explore other available options for a dependable solution.<\/p>\n
In this post, we will discuss two main contenders of the game – Debt Relief\u00a0Agencies and Debt Settlement Lawyers. We will try to enlighten you about the difference between both of the options that will help you choose an ideal one according to your needs.<\/p>\n
Here\u2019s the list of 6 things you need to know about these two debt relief service providers.<\/p>\n
Often, lawyers offer debt settlement packages, but they may also provide a la carte service. For instance, they may ask for a fee to create a settlement statement, even though you are just giving it a thought to engage with them for the actual settlement service.<\/p>\n
What they do, hardly shares any importance with what they don\u2019t do. Lawyers simply handle debt settlement<\/strong> and filing bankruptcy and this means they only specialize in bankruptcy and settlement.<\/p>\n This clearly states that if your goal is to opt for credit counseling or a debt management plan, then choosing an attorney can probably be a step in the opposite direction.<\/p>\n More often or not, companies advertise themselves in such a way that it seems they are \u201cattorney-backed\u201d, which can easily make you dip into the false assurance of the fact that you are working with a genuine lawyer.<\/p>\n Or, you schedule a meeting with a lawyer, only to discover that your case will be handled by an assistant or a paralegal. You should keep your distance from such kind of firms at all costs.<\/p>\n Usually, the level of attention that you would get from an actual attorney or a debt relief company is far more enhanced than that of such firms.<\/p>\n Lawyers can be expensive. Their fee system is anything but all-inclusive, and it\u2019s also critical to know the upfront fee and the charging process.<\/p>\n The following are the ways in which they may charge you:<\/em><\/p>\n Here, the fee structure is a flat rate procedure that works according to the creditors, which are needed to be settled with. For instance, if you have only one creditor, then no big issue, but in case there are more than two, things may get costly fast.<\/p>\n Some lawyers\u2019 fees depend on the amount saved as a result of the settlement process. For example, if you are $25,000 in debt and your lawyer settles it for only $10,000, then your fee would be calculated based on the $15,000 savings.<\/p>\n In this fee structure, a lawyer takes a closer look at the debt and charge the fee accordingly, taking into account the time and resources it will fetch to reach the settlement.<\/p>\n Another type of fee structure includes hourly charges, which can prove to be costly, depending on how deep you are stuck in debt and how much time is needed to settle it once and for all.<\/p>\n2. Not Every Lawyer Is A Settlement Service Provider<\/h3>\n
3. Availing A Lawyer Can Be Expensive<\/h3>\n
\u00b7 Cost per Debt or Creditors<\/h4>\n
\u00b7 Fee Based on Savings<\/h4>\n
\u00b7 Fee Based on Entire Debt<\/h4>\n
\u00b7 Hourly Basis Fee<\/h4>\n
4. They Can Assist You If You Get Sued<\/h3>\n