Michigan Debt relief is a process of negotiating with creditors to reduce the balance owed on an account. It is also known as debt settlement, and it can be done by attorneys or the debtor themselves. Debtors who can negotiate with their creditors directly may not need any legal help at all. Often debt settlement attorneys are required for complicated debt negotiation.
However, if you have fallen behind in payments or are facing foreclosure, bankruptcy might be your best option for getting out of debt. Bankruptcy attorneys can review your debt relief options. Bruce Law Firm offers a free consultation to review your options.
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What is Debt Relief?
Debt settlement is a process where certain debts are forgiven in exchange for payments made by the debtor. Some debt settlement programs will forgive a portion of your debt while others may wipe out all or most of it, and some offer both services.
There are debt negotiation companies that offer debt relief to Michigan residents that may provide a settlement of your debt. Many have debt settlement attorneys that can engage in debt negotiations with your creditors. Some creditors will only deal with attorneys.
However, you should always research any possible debt relief company before entering into a contract with them and make sure they are legitimate, so you’re not scammed out of money or submitting credit information unnecessarily.

Why should you consider Michigan Debt Settlement?
When considering debt settlement, it is important to consider the structure of your debt, the likelihood that you will be able to repay it on a payment plan or with an outside source, and whether any other assets may have value.
You will also want to consider the types of debt you have. Credit card debt, for example, is often easier to repay than mortgage debt. If you only have one or two outstanding credit cards, this may be a good path for you.
Talk to a Debt Settlement Law Firm
Debt problems can happen to anyone. However, it is important that you take action at the first sign of trouble and do not put off getting help with your debt issues from those who understand the process best.
Debt Settlement attorneys can put you on the path to resolving your debt issues. Debt negotiation is best left to debt settlement companies or a law firm specializing in debt settlement. Ask for a free consultation to see if a debt negotiation would work for your family.
Can a lawyer help with debt settlement?
A lawyer can be of help to debtors who are seeking a settlement of their debts. A lawyer will represent them at the negotiations to reduce, settle or eliminate their debt obligation.
A debtor’s attorney can negotiate with creditors and help devise a manageable repayment plan for the debtor while ensuring payment on existing financial obligations such as unsecured debts.
A Michigan attorney may also negotiate with creditors to reduce the debt. The debtor may be required to make regular monthly payments or pay a lump sum settlement as part of the agreement reached by an attorney representing them in negotiations.
With help from their lawyer, debtors can negotiate and restructure their debts for better terms more favorable than bankruptcy offers. In some cases, bankruptcy will not be necessary, and settling debt can make more sense because it does not.

How much do debt settlement lawyers cost?
Debt settlement lawyers are paid a fee for their work. In some cases, debt settlement attorneys may receive a percentage of the amount forgiven or waived by your creditors as part of the debt settlement process.
The typical range for fees charged by debt settlement lawyers is between 25% to 40%. The rate will vary depending on where you live and which type of attorney handles it.
The other way that Michigan debt lawyers are paid is on an hourly rate. The rates can vary but are usually between $150 and $300 per hour.
What is the difference between Debt Settlement and Bankruptcy?
The difference between debt settlement and a Michigan bankruptcy is that debt settlement involves negotiating with creditors to resolve. On the other hand, bankruptcy usually results in obtaining a court order to discharge your debts. Bankruptcy relief is often more advantageous than a debt settlement plan.
Chapter 7 Bankruptcy Can Eliminate All Your Unsecured Debts
Chapter 7 bankruptcy can take away all your unsecured debt in as little as 90 days. To file a 7 chapter bankruptcy, you need to qualify based on many factors such as family income and how much equity you have in the property you own.
Attorneys familiar with the chapter 7 bankruptcy process can help you to see if you qualify. Call our law firm for a free consultation.
Chapter 13 Bankruptcy Can Establish Court Approved Payment Plans
Another debt settlement option is to file for chapter 13 bankruptcy protection. In a Michigan Chapter 13, you enter into court-approved payment plans. All your debts are included, and repayment is based on an approved plan.
A bankruptcy lawyer can be of assistance in discussing the advantages of filing for bankruptcy protection. Talk to a bankruptcy law firm to get the debt relief options you need. Bankruptcy relief can be very powerful.

Contact A Debt Settlement Lawyer today!
If you are struggling with debt and want to find a solution, contact our Debt Settlement Attorneys today. We specialize in negotiating settlements for clients across the state of Michigan who have fallen behind on payments or face foreclosure.
Our team of debt settlement attorneys will work diligently to get your finances back under control so that you can start living life again without worrying about how much money is owed every month. Contact us today for a free consultation!