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Facing unmanageable debt can surely be a daunting experience, especially with the complicated financial times. Trying to negotiate with creditors may be difficult, not to mention that some would want to repossess any item you have. Fortunately, you do not have to suffer in silence. A bankruptcy lawyer Las Vegas can help you.

There are varying options that one can use to settle debt. Debt consolidation, debt settlement and bankruptcy are some common ways you can relieve debt.

Debt Consolidation

Debt consolidation is a part of debt settlement where an agency instructs consumers to stop paying their credit card debt. As a consumer, you need to sign an automatic bank withdrawal authorization where the agency will withdraw a certain amount on a monthly basis. The amount is equal to 1% of the total debt being consolidated. The program lasts for 3-4 years.

With this possibility, you can avoid declaring for bankruptcy. On the downside, debt consolidation is prone to fraud. Furthermore, it's not managed properly and it tends to attract dishonest people.

Debt settlement

This is done by contacting the creditors and offer to pay cash as a full settlement of a debt. This is mainly 20-50% of the full amount of the owed amount. The percentage may vary depending on the collection agency, an age of the debt and the financial condition of the person. Some lenders will allow you to pay in installments over a period of time. While you may not need an attorney to bargain with the creditor. It is essential to get in touch with a bankruptcy lawyer LasVegas when you review the settlement documents before you sign them.

Debt settlement meetings can be nerve-wracking, time consuming and frustrating, you may even encounter rude creditors who may harass you or make outrageous threats. Fortunately, an attorney can represent you during the arrangements.

Debt settlement is advantageous if you are seeking to avoid bankruptcy. Filin