Worcester Debt Relief & Settlement Lawyer

Overwhelmed by Debt? Call (508) 928-3038

If you are facing crushing debt, being hounded by creditors, or simply can’t make ends meet, you may think there is no way out of the situation. Fortunately, you do have options. Exploring your options and taking action on an appropriate debt relief plan can all be achieved with the help of an experienced and trusted legal adviser.

At Morrison & Associates, you can work with an extensively experienced Worcester debt relief lawyer. My track record of 5,000 successful cases includes such debt relief options as Chapter 7 and Chapter 13 bankruptcy, as well as bankruptcy alternatives such as debt consolidation, debt settlement, and more. 

Types of Bankruptcies

Chapter 7: Liquidation

Unsecured debt is erased

Chapter 11: Large Reorganization

Used to reorganize a business or corporation

Chapter 13: Repayment Plan

The court approved a monthly payment plan for 3-5 years to pay back the debt you owe

Finding the Right Debt Relief Solution

Making the wrong decision about how to achieve debt relief for your particular situation can lead to further financial trouble. When you bring your case to me, I can review it and help you make the decision that is optimal for you and your financial situation. These solutions generally apply to unsecured debt, such as those involving credit cards, department store cards, or medical bills.

Debt Management Plan

A debt management plan is one in which your unsecured debts are consolidated without taking out a new loan to pay them off. Under such a plan, your creditors generally agree to reduce your monthly payment and/or interest rate as well as to forego any penalties.

A payment schedule is then arranged that usually allows you to pay off your debt over a three- or five-year period with one affordable payment. It often involves using a credit counseling agency that helps to determine your monthly payment based on your current financial condition.

Debt Consolidation Loan

A debt consolidation loan involves taking out a loan at a lower interest to pay off your higher interest rate debt. It consolidates all your debt into one manageable monthly payment. This type of solution does not eliminate your debt, but does restructure your payments.

Because you have only one payment to make each month on the loan, it becomes a simpler and easier way to handle your debt. Home equity loans and personal loans without collateral can be used as debt consolidation loans.

Debt Settlement

Debt settlement involves negotiating with your creditor to pay off less than you owe. You must first establish that your creditor is willing to settle your debt. Then you will eventually provide the creditor with a negotiated lump sum payment that is a percentage of what you owe and the rest of your debt is forgiven.

In many cases, you will stop making monthly payments to the creditor and begin stacking those payments in an account that can be used to negotiate the settlement.

Bankruptcy

Bankruptcy is a legal solution that allows you to eliminate your debt through liquidation of certain assets or through a repayment plan. Options include Chapter 7, Chapter 11, and Chapter 13 bankruptcy. If needed, my firm can assist you with an emergency bankruptcy filing.

How Do You Get Medical Debt Forgiven?

Medical debt may be able to be forgiven or reduced by getting in contact with the billing department of the hospital that your bills are coming from. There may be debt forgiveness programs or qualifications that you can learn more about. Let our firm help you with this!

Professional Legal Action

As your Worcester debt relief lawyer, I can walk you through all of the various debt relief solutions available to you so that you can make an informed decision. Whatever plan is appropriate for your situation can then be followed up with proper legal action to help you work toward becoming debt free.