There are several options debtors can consider when facing bankruptcy. While filing for a chapter 13 bankruptcy can protect some of the debtor's properties from complete liquidation, even this lighter bankruptcy may not be necessary. In some cases, working through debt negotiation is the best option for a person facing substantial debt. However, creditors may not be as optimistic as a debtor can be when given such an opportunity to retain their full properties while working through their debt.
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For any number of reasons, a creditor may hassle or push a debtor towards a stricter resolution to their debts. Lawsuits can appear, legally, any time an outstanding debt is not paid. Most creditors will not necessarily use the legal system to get their due money, but the option is available and can be employed if a creditor chooses. As a result, debt negotiation, although it seems like a great option for debtors, can lead to more problems if not handled carefully.
Creditors mostly file lawsuits against debtors pressing for payment not because they want to drive people into bankruptcy, but because they need their funds as quickly as possibly, and, as a business, require some heavier payments than what are being provided. Debt negotiation consultants will often promise their services as capable of keeping creditors from hassling debtors, but, without legal defense, this simply is not feasible.
If given a slightly smaller lump sum or given the promise of the court that payment will be coming, creditors may be satisfied. This does not necessarily leave much room for negotiation. However, working through an attorney instead of just a consultation company can give negotiation more of an opportunity to succeed, as creditors may be less willing to enter into protracted legal battle.
To learn more about how attorney-assisted negotiation works, contact a bankruptcy attorney today.
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