In 2019 consumer debt in the U.S rose to over $4 trillion dollars. When mortgages are included as well as the 2020 economic situation the total debt has risen to well over $14 trillion. Credit Cards and mortgages make up 65 – 70% of this amount with other major contributors being student and auto debt.
With consumer debt being so widespread, 15% of Americans believe that they will always be in debt, it is not unusual to be having difficulty dealing with your personal debt situation. Regency Legal Group focuses on assisting our clients find a solution.
What debt management option will work best for you?
Relationship or Health issues, changes in your employment and many other of life’s unexpected complications can all make managing your personal debt difficult. This combination of multiple challenges can lead to a loss of control. To make matters worse, creditors start demanding payments, legal notices start arriving in the mail and you may be facing other life problems. Regency Legal Group has the knowledge to determine the best option for you to get back on your feet.
There are two bankruptcy options for consumers that would lead towards financial freedom and help relieve the stress of an unmanageable debt situation. These options are called Chapter 7 and Chapter 13 bankruptcy. In chapter 7 debtors are allowed to discharge all or part of their debt through a process of liquidation managed by a trustee. In chapter 13 a payment plan is negotiated by a trustee in consultation with you, your lawyers and your creditors which would, over a period of up to 5 years, repay part or all of your debt as well as possibly discharge any remaining debt at the end of the plan. Both options can be highly effective solutions allowing you to restart your financial situation moving forward.
FDCPA is the acronym for the Fair Debt Collection Practices Act. As part of the Consumer Protection act, it was added to make it illegal for debt collectors to use unfair, abusive or deceptive practices in the collection of debts. It covers all forms of consumer debt including student loans, credit card debt, auto loans and medical bills. Working with Regency Legal Group will ensure all your rights under this act are protected.
Debt negotiation is another option that may be applicable to your situation. As your lawyers, we would contact your creditors and negotiate a new payment plan and / or amount that would allow all parties to move forward and accept the outcome as settlement of your debt. This could be achieved by new terms, revised payment timelines or even settling the debt for less then originally agreed.
You may receive a summons which is a legal notice that a creditor is legal taking action against you. This can happen when creditors are unable to collect on the debt you have with them and it is a serious situation that you must address. Our lawyers will make sure that the proper response and action is taken to meet your legal requirements as well as protect your rights and property during your defense.
Schedule your free no-obligation consultation today with Regency Legal Group to discuss your options. We can help you manage your debt and relieve your financial stress.