The Attorney Gameplan to Tackle the Most Common Types of Debt
When hiring a qualified debt negotiation attorney to tackle debt, the gameplan begins with the initial consultation. During this initial consultation many topics are covered including:
1. An explanation of debt negotiation with a lawyer what the process entails.
2. An overview of other debt options with a discussion of pros and cons and a comparison of those to debt negotiation.
3. A thorough analysis of the client’s debt and creditors looking into the type of creditors and history of their relationship with the client.
4. A legal analysis of litigation risks and discussion of other legal issues pointed out by the attorney and asked by the client.
5. An analysis of the client’s current financial situation including earnings, assets, and savings.
6. Formulation of a plan for engagement to deal with the creditors given the client’s available resources.
After the free initial debt consultation, formal representation begins. The attorney and law firm usually send out Letters of Representation and Powers of Attorney documents to each creditor informing them to direct all communication on the matter to the law firm and designated attorney. In this manner, calls and harassment to the client cease over time and the attorney takes on the role as their client’s advocate. The attorney’s role is to zealously advocate for the client’s best interests against the creditors and negotiate reductions in the debt.
This negotiation is multifaceted using legal arguments, financial arguments, payment arrangements, and lots of creative problem solving. If litigation is part of the engagement the law firm represents the client with brief writing, legal arguments, court appearances, and formal litigation work in addition to the ongoing settlement talks. Having a qualified debt negotiation attorney is key to opposing aggressive creditors in what can be an extremely adversarial matter. The outcome and advantages are clear and that is debt that has been negotiated to a settlement sum that is a fraction of the original debt balance. When seeking help with debt, contact a licensed and qualified legal expert.
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Kevin Fallon McCarthy
Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.