Lottery, divorce, potential bankruptcy – there are many situations you could find yourself in where you don’t just need a bank, you need a lawyer. The same goes for giving or receiving substantial amounts of money, as well as working out your will and designating a durable power of attorney; it’s always best to have everything set in place by a qualified legal eagle.
However, the financial area people struggle most with handling on their own is debt.
Dealing with Debt
Americans have trillions of dollars in consumer debt. More than a third of this is credit card debt, and the rest is tied up in loans, including government student loans and mortgages. Alarmingly, though, it’s the credit card debt that adds insult to injury. In fact, 1 in 10 credit card holders has 10 or more cards on hand.
Add to that the fact that we live in a time when consumer protections are slowly being stripped away, and you have good cause to consult with an attorney concerning your finances.
Whether your financial risks are related to debt or other legal matters, you should always work up a good defense like Wallin & Klarich, or any similar firm, sooner rather than later. The number of actions an attorney can take on your behalf are reduced if you take prior action yourself.
For example, in the case of debt, the most favorable option may be to file bankruptcy.
If you first strike out on your own and try to clean up your debts yourself, this can greatly impact how your attorney can handle your case. Debt settlement programs, loans paid off to family, and paying off tax debt (when you still have so much other debt) can have negative consequences should you end up going through with that bankruptcy filing.
The bottom line is that you should always ask a lawyer. If you’re unsure, take advantage of multiple free consultations in order to figure out what seems most truthful (and doable) to you.
Many people avoid seeking legal aid for their finances because it’s said to be costly, but it’s actually quite affordable when weighed against what you could end up paying because you didn’t have a professional looking out for you.
Debt Collection: Your Rights
When things get to the point where you’re being chased down by collectors, it can be incredibly worrisome. What’s key here is knowing what these collectors can and cannot do to you.
For instance, they can’t make threats – it’s deemed illegal by the Federal Trade Commission. This applies to not only to personal credit card debt, but also medical bills and mortgages.
Furthermore, they can’t share details about your debt – or even mention that you’re in debt – to anyone who isn’t you, your spouse, or your lawyer. So if they start calling people you know, you should report them immediately.
By and large, getting into trouble with our finances makes us feel totally helpless. To start moving forward, we should be apprised of all of our rights and avenues of recourse. The best way to get a thorough rundown isn’t online, it’s with an attorney.