Typically a debt lawyer will only be able to settle on unsecured debts such as credit cards, unsecured loans, personal loans, medical bills and department store cards. The types of debt that cannot be settled would be secured debt. This category of unsecured debt includes cars and homes. If you stop paying on these, the lien holder will just take them back through repossession or foreclosure. In many cases, even with a repossession or a foreclosure you will still be responsible for some sort of balance due after the fact so beware. The reality is that anything can be negotiated if you are diligent about it. You may want to speak with a couple of debt settlement companies just to see what their policy and experiences have been dealing with different kinds of debt.
Be Aware Of Your State’s Statute Of Limitations, Call your Attorney General For More Information
In most states the Statute of Limitations is 7 years on unsecured credit card debt. If you wait long enough the debt may be uncollectable by the creditor anyway. However in some instances trying to get the debt removed from your credit report may be challenging because the credit bureau may not just wipe the debt off of your credit report. You should speak with your state attorney general to see what the rules are. They debt laws are all different in most states. Your best bet is to not get into debt. Use credit wisely. It is not worth the headache in the future to be a slave to debt. You will appreciate the peace of mind of not having a mountain of debt to worry about each month. Enjoy your life; do not slave away each month trying to pay it.
This Article is designed to be of general interest and should not be considered legal advice.The specific information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal legal adviser.
