Utah Debt Settlement: How to Go About It
Debt settlement cases are becoming more common in Utah and in most parts of the world due to the economic recession. A good percentage of people have lost their jobs and others have encountered losses in their real-estate investments. To remain afloat, most people have turned to loans and credit cards, which have put them into considerable debt. While some have been able to manage their loans, some are heavily burdened.
For the latter category of people, debt relief Utah is their only option. If your financial standing is at a crossroads and your debts are skyrocketing, seek a good debt settlement option to get you out of the money rut. Remember, debts hardly ever just go away, unless they are written off in very rare cases. The truth is… you will always have to pay. With a good debt relief lawyer, you will pull off the debt settlement process successfully.
Below is the procedure of debt settlement in Utah.
Assess whether debt relief is the best option for you
The first thing to do is to evaluate whether debt settlement is the best path to take to solve your economic woes. There are certain factors that should tell you whether you are an ideal candidate for this process or not. Do you have about $7500 in unsecured debts such as credit cards? Are you unable to meet the minimum payments for the same? You may also have an ever-growing outstanding balance. Another thing that should make you apply for Utah debt relief is if you have no other way of restoring your financial situation.
Select a Utah debt relief company
Once you are sure that what you need is debt relief, the next important step to take is to choose a company to drive the process. It is important that you do a careful search for the firm. While there are many attorney firms claiming to give their customers the best experience, do not be lured by the ads. Instead, do a thorough study about their services and their successes so far. For you to ask for a debt settlement, your situation is already bad. Thus, look for affordable but high quality services to avoid making a bad situation worse
This is the most important stage. Even if you have some great negotiation skills, it is best to engage the debt settlement lawyers to negotiate on your behalf. They will be in a better position to negotiate with your creditors and at last the endless haunting of debt collectors can come to an end. If you are not convinced that you need a professional negotiator to succeed in debt relief in Utah, there are many reasons why you should relegate the work to them. First, they are experienced; therefore, they understand the debt settlement procedure. They also have ready contacts.
Make the payment
Once negotiations are made and an agreement has been reached, a payment plan is created. You may pay a lump sum amount or you could pay in installments. However, making a large payment can burden the customer since sometimes they might be forced to save money for a certain period. Another important thing that you should do is to ensure that everything is put in writing. This way, both you and the creditors will be reading from the same page.
If you see that your debts are not manageable, do not beat yourself up too much. Simply seek out Utah debt relief. Once you have made the payments, do remember to get a write-off. It is very important for your credit rating.
My name is Craig R. Chlarson. Whether you are seeking to eliminate your debt, typically through a chapter 7 filing, or whether you are seeking to reorganize your debt, typically through a chapter 13 filing, or even if you have basic bankruptcy questions, call me today. I can help you.
To schedule an appointment, call (435) 901-3449
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