Debt Relief Attorney in Albuquerque, New Mexico
A financial setback, such as job loss, divorce, or medical emergency, can strike unexpectedly and make it difficult for you to pay bills, settle debts, or meet your other financial needs. When going through financial adversity, debt relief is among the promising options to help you settle your debts and achieve financial relief.
If you're facing financial hardship and considering settling your debts through debt relief, it is important that you speak with a skilled New Mexico debt relief attorney for proper guidance. At the Law Office of Jason Cline, I have devoted my career to providing experienced legal services and guiding clients in bankruptcy and debt relief-related matters. Also, I can assist you through the New Mexico debt settlement process and help you navigate crucial decisions.
My firm – the Law Office of Jason Cline – is proud to serve clients across Albuquerque, Los Lunas, Santa Fe, Rio Rancho, or anywhere throughout the state of New Mexico.
What Is Debt Relief?
Debt relief – also referred to as debt settlement or debt adjustment – is an agreement between a consumer (the debtor) and a creditor to settle debts for lower than the actual amount owed. It requires working with a debt relief company that will help contact your creditors on your behalf and negotiate a reduced debt balance/payment with other fees waived. Though, you will be offering a lump-sum payment to the creditor.
Secured Debt vs. Unsecured Debt
Unsecured debt can be described as any money you borrow without collateral. These include personal loans, credit cards, student loans, and medical expenses. In contrast, secured debt can be any money you borrow by using an asset as collateral. These include mortgages, car loans, and home equity loans.
With secured debts, the credit may collect or repossess your asset (collateral) if you default on the debt payment. Conversely, creditors may be unable to claim your assets with unsecured debts. However, your credit score will suffer. Also, you can expect increased interest rates, penalties for late payment, as well as continuous credit calls. Fortunately, you may be able to pay off your debts through a debt settlement program.
How Does Debt Settlement Affect Your Credit?
Furthermore, while debt settlement may eventually help you achieve financial relief, it can affect your credit score in a negative way. Here's how:
Record of Missed Payments: When negotiating with your creditor, the debt relief company will request that you stop paying your debts. Alternatively, you will be paying into a savings account. Unknown to many consumers, records of missed payments will show on your credit history.
Reduced Debt Payment: As mentioned earlier, debt adjustment allows you to settle your debts for less than the full amount. This automatically means that you won't be repaying your debts fully. Hence, your credit score may suffer.
Also, the debt relief information will remain on your credit report for up to seven years. An experienced attorney can explore your available options and determine when debt relief is a good option for you.
When Is It a Good Option?
Debt relief may be a good option for you when:
You want to achieve financial relief quickly and avoid bankruptcy.
You want to settle your debts quickly. A successful debt adjustment program allows you to repay your debts fast.
You want to pay off your debts for a reduced amount compared to what you owe.
A knowledgeable debt relief attorney can review your unique financial situation and help decide if debt adjustment is right for you.
How Legal Counsel Can Help
Paying off your debt burden can prove quite difficult. When overwhelmed with debts, getting a debt relief company to help negotiate a reduced balance with your creditor can be a good decision. However, it is important that you understand the benefits and drawbacks of debt settlement to avoid potential pitfalls. Therefore, you need to speak with a knowledgeable debt relief attorney for proper guidance and to determine the best course of action.
At the Law Office of Jason Cline, I have the expertise and resources to advise and guide clients in the legal matters of debt relief and bankruptcy. As your legal counsel, I can review your financial condition, explore your available legal options to achieve debt relief, and determine whether debt settlement is right for you. Also, I can guide you through every legal phase of the debt adjustment process. Above all, I will work diligently to address your needs and concerns and help you achieve the financial relief you deserve.
Debt Relief Attorney Serving Albuquerque, New Mexico
If you're going through financial distress and considering debt relief, contact me at the Law Office of Jason Cline today to schedule a one-on-one consultation. I have the reliable advocacy and experienced legal counsel you need to navigate key decisions and eventually achieve relief. My firm proudly serves clients across Albuquerque, Los Lunas, Santa Fe, Rio Rancho, or anywhere throughout New Mexico.