Springfield Debt Relief Lawyer

Are You Overwhelmed by Debt? My Firm Can Help. Call (413) 475-9882!

If you are facing crushing debt, are being hounded by creditors, or simply can’t make ends meet, you are most likely in an anxious state. Fortunately, you have options. Exploring those options and taking action on an appropriate plan can all be achieved with the help of an experienced and trustor legal advisor. At Morrison & Associates, you can work with an extensively experienced Springfield debt relief lawyer. My track record of 5,000 successful cases includes such debt relief options as Chapter 7 and Chapter 13 bankruptcy, debt consolidation, debt settlement, and more.

Finding the Right Debt Relief Solution

Making a wrong decision about how to achieve debt relief for your particular situation can lead to further financial trouble. When you bring your case to me, I can review it and help you make the decision that is optimal for you. These solutions generally apply to unsecured debt, such as those involving credit cards, department store cards, or medical bills.

Debt relief solutions include:

• Debt management plans
• Debt consolidation loans
• Debt settlement

Debt Management Plan

A debt management plan is one in which your unsecured debts are consolidated without taking out a new loan to pay them off. Under such a plan, your creditors generally agree to reduce your monthly payment and/or interest rate as well as to forego any penalties. A payment schedule is then arranged that usually allows you to pay off your debt over a three- or five-year period with one affordable payment. It often involves using a credit counseling agency that helps to determine your monthly payment based on your current financial condition.

Debt Consolidation Loan

A debt consolidation loan involves taking out a loan at a lower interest to pay off your higher interest rate debt. It consolidates all your debt into one manageable monthly payment. This type of solution does not eliminate your debt but restructures it. Because you have only one payment to make each month on the loan, it becomes a simpler and easier way to handle your debt. Home equity loans and personal loans without collateral can be used as debt consolidation loans.

Debt Settlement

Debt settlement involves negotiating with your creditor to pay off less than you owe. You must first establish that your creditor is willing to settle your debt. Then you will eventually provide the creditor with a negotiated lump sum payment that is a percentage of what you owe and the rest of your debt is forgiven. In many cases, you will stop making monthly payments to the creditor and begin stacking those payments in an account that can be used to negotiate the settlement.

Bankruptcy

Bankruptcy is a legal solution that allows you to eliminate your debt through liquidation of certain assets or through a repayment plan.

Professional Legal Action

As your Springfield debt relief lawyer, I can walk you through all of the various debt relief solutions available to you so that you can make an informed decision. Whatever plan is appropriate for your situation can then be followed up with proper legal action to achieve the debt relief you seek.