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Understanding Common Debt Negotiation Mistakes

Housewife stress over bills and debts

For some people, debt negotiation is a better option than filing for bankruptcy. By negotiating the terms of her debt with her lenders, a debtor can potentially reduce her total debt and halt collection calls. Even though creditors have some incentive to negotiate the terms of debt, it would be a mistake for someone to go into these negotiations without performing prior research.

Sometimes, creditors will try to convince a debtor that certain unsecured debts are actually secured, meaning that the creditor has the ability to take back an asset like a car or house. A debtor who goes into negotiations already knowing which assets are secured and unsecured won’t believe these tactics. A debtor can also increase her negotiating power by understanding creditor weaknesses. For example, creditors are limited by the practices outlined in the Fair Debt Collection Practices Act.

Having an experienced bankruptcy attorney on your side can help you during debt negotiation. Learn more by contacting Cutler & Associates’ Aurora or Schaumburg offices at (847) 868-2265.

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