Are you facing a lawsuit for credit card debt? This can be a very stressful and overwhelming situation. What can you do? One option to consider is working with a debt settlement lawyer and finding debt relief there. Something that holds many from hiring an attorney is that it can be expensive. But just how expensive can it be? And is it worth it?
In this blog, we’ll learn how much does a debt settlement lawyer cost and why their services can be a valuable investment in resolving your debt issues.
Is A Debt Settlement Lawyer Worth It?
If you have a significant amount of debt and lack the resources to pay it off, it might be beneficial to seek advice from a non-profit consumer credit counseling service first. They can help you create a budget and provide financial guidance. If you’re still struggling to manage your debt, consulting a debt settlement attorney could be a good next step.
A debt settlement attorney can help you consolidate your debt, reduce the amount you owe, or establish a manageable payment plan. They are knowledgeable about strategies to minimize your legal risks and protect your credit score.
While debt settlement attorneys are similar to bankruptcy attorneys, it’s often better to seek the help of a debt settlement lawyer first to avoid bankruptcy. A debt settlement attorney might offer more favorable options than trying to settle debts on your own.
How Much Does A Debt Settlement Lawyer Cost?
The cost of hiring a debt settlement lawyer can vary based on several factors, including the complexity of your debt situation and the type of fee structure the attorney uses. Here are the most common ways attorneys charge for debt settlement services:
Flat Fee Per Creditor or Debt
Attorneys may charge a flat fee for negotiating with each creditor. This fee typically depends on the number and type of creditors involved. For instance:
- Simple Credit Card Debt: Fees can range from $500.
- More Complex Negotiations: Fees can exceed $5,000.
Hourly Fees
Some attorneys charge by the hour. The hourly rate can vary based on the lawyer’s experience and location. Typical rates range from $125 to $350 per hour. The attorney might ask for a retainer, which is an upfront lump sum, or allow you to pay as you go.
Fees Based on the Amount of Debt
In this scenario, the fee is a percentage of the total debt amount the attorney negotiates on your behalf. This fee structure is common when dealing with substantial debt amounts.
Fees Based on Amount Saved
Alternatively, attorneys might charge a percentage of the amount you save through the settlement. This means their fee increases with the amount of debt they successfully reduce, incentivizing them to get you the best possible settlement.
So, how much does a debt settlement lawyer cost? Each case is different so this means that every fee structure will have its pros and cons. It’s important to understand which one your attorney uses and how it will impact your overall debt settlement process.
Debt Settlement Lawyers: Your Financial Heroes
Choosing a trustworthy debt settlement attorney is crucial. At Gershfeld Law Group, we help you get out of debt quickly and efficiently, often saving you money in the process. Our firm has assisted thousands of Americans in achieving financial security by eliminating their debt as swiftly and affordably as possible.
With reasonable fees and flexible payment plans, getting the legal help you need is within reach. Worried about how much a debt settlement lawyer costs? Let us reduce your stress and anxiety, allowing you to focus on regaining financial freedom as soon as possible.
