Negotiate Credit

Do Millennials Need More Debt Relief Than Previous Generations?

Posted on by John Mufson

The average person in Florida might be hard-pressed to find a news article that shines a positive light on the millennial generation. Frequently criticized for supposedly taking down the napkin and chain restaurant industries, articles often shine a light on the difficult financial situation that many millennials find themselves in. While it might be true that some of the young adults in this generation are in need of debt relief, many are doing just fine.

Millennials range in age from late 20s to their 30s; and their spending habits reflect their age. That is not necessarily a bad thing, though. According to an expert in personal finance with NerdWallet, millennials are on track to be in the same financial position as baby boomers in a few decades. This seems to contradict what many people love to believe about millennials, which is that they are irresponsible with their finances.

What may come as even more of a surprise is that millennials’ financial priorities are largely the same as those of their baby boomer parents. In a survey that asked adults what they would do with an extra $1,000, the majority of both generations prioritized saving and investing. One surprise was the baby boomer attitude toward traveling. In this survey, 7% said they would spend the money to travel while only 3% of millennials would use the money for that purpose.

While it is good news that adults of all generations have their financial priorities in order, having good spending habits does not necessarily prevent anyone from going into debt. Additionally, millennials are not shielded from needing debt relief just by virtue of being young. Rather than spending years trying to climb out of impossibly steep debts, some young adults in Florida might find a better outcome from pursuing personal bankruptcy.

With student loans becoming an increasingly hot button topic as a pressing financial concern and burden for the financial livelihood of millennials, more people are seeking ways to find a debt solution in Delray Beach.

It is important that if you are a young person—or of any age—seeking debt plan or debt program in Delray Beach, that you contact a professional. The Law Office of John E. Mufson has been helping people in South Florida get debt relief for more than 25 years. Call us today at (561) 272-1003 for a free consultation.

Has Overwhelming Debt Sent You into Hiding?

Posted on by John Mufson

If your debt has been piling up and you feel like you are drowning in it year after year with nowhere to turn for help, it may be time to contact a trusted Chapter 13 bankruptcy lawyer in Delray Beach. It’s easy to be fooled by the ads on TV that promise to easily eliminate and consolidate your debt into lower payments that you can handle. The truth is that many of these companies charge high fees for their services and the last thing you need when you’re trying to get out of debt is to pile on yet another debt. When credit card debt and the stress of worrying about it is overtaking your life and even the minimum payments are hard for you to handle, it may be wise to consider filing for Chapter 13 bankruptcy. To accomplish this, you are going to need a legal professional that understands how to best approach debt consolidation. If you’re looking to negotiate credit consolidation in Delray Beach through Chapter 13 bankruptcy, the team at The Law Offices of John E. Mufson is here to help. Our attorneys can handle your case and explore every avenue to ensure the success of your Chapter 13 bankruptcy. We understand the best and most effective approach to successful debt restructuring. Through Chapter 13 bankruptcy, many of your debts can be reduced and even eliminated. All-in-all it’s a positive scenario—you may pay back much less than you owe, or in the best-case scenario, pay back nothing at all.   

How Can our Experienced Law Team Help You? 

At the Law Offices of John E. Mufson, we work with Chapter 13 and Chapter 7 bankruptcies. Through our Chapter 13 bankruptcy attorney in Delray Beach, your debts are restructured into payment plans that are tailored to how much you can pay back comfortably. How it works is that our attorneys contact your creditors, and we negotiate with them to get you the best debt repayment plan possible.  In addition to chapter 13 bankruptcy filing, our bankruptcy lawyers handle Chapter 7 bankruptcy in Delray Beach, helping those facing major credit card, mortgage and even student loan harassment. Automatic stays during both Chapter 13 and Chapter 7 bankruptcy negotiation can help put an end to creditor harassment as you work towards debt and credit card relief.  

There is No Reason to Hide with Our Law Team on Your Side 

When your creditors come knocking at your door, there is no reason to hide. The professional chapter 13 bankruptcy lawyer in Delray Beach at The Law Office of John E. Mufson, understand how to best approach your case to ensure the best personal outcome for you. Under our direction, you will successfully alleviate the weight of your personal debt. Our experienced team at The Law Offices of John E. Mufson is here to help bring about the best solutions to your debts through either Chapter 13 or Chapter 7 bankruptcy. If you fall victim to the vicious credit card cycle, learn more about how to get out from under your debts once and for all. Whether it be credit card debt, loans, hospital bills or auto repossession, our team of Chapter 13 bankruptcy lawyers in Delray Beach are here to offer you the help and support you need. Call us today at (561) 272-1003 for a free, no-obligation consultation.   

How to Know When it’s Time to File for Bankruptcy

Posted on by John Mufson

Piling up debt seems like the norm our society today, and so it makes sense that more and more people will see filing for bankruptcy as the only alternative to getting out of debt in the coming years. While it isn’t something we want to happen anytime soon, there are some that see bankruptcy as their only option to escape debt. Your outstanding debts over the years may include credit cards, mortgage, car loan, hospital bills, doctor and dentist bills, car loans, student loans or personal loans. If these debts have become more than you can handle, filing for bankruptcy may be a viable financial option. If this sound like you, then don’t despair because there is help for you out there. If you’re considering filing for bankruptcy, it’s important to find an experienced bankruptcy lawyer in Delray Beach to work with because you want to make sure you file all of the papers properly or risk being turned down by a bankruptcy court. At the Law Office of John E. Mufson, our expert legal team is here to help you navigate through the bankruptcy process from start to finish. It can be overwhelming, but rest assured, we specialize in helping our clients find a wide range of solutions to paying back debt.  

Common Mistakes to Avoid if You’re Thinking of Filing for Bankruptcy 

Filing for bankruptcy isn’t an easy process and it requires more than just filing paperwork. You might not know that should not do this before filing for bankruptcy:  

  • Don’t incur any more debt. We know that sounds like a no brainer but you’d be surprised at how many people still continue to use their credit cards after they file the bankruptcy paperwork. You risk not being approved because the bankruptcy court may think that you aren’t serious and have no intention of paying your debts back. This would actually be considered fraud. 
  • Don’t lie about your assets or provide inaccurate information. This is the time to let it “all hang out,” so to speak. If you lie about any of your assets you could be subject to penalties that could equal thousands of dollars. This would include not so obvious things like assets in safe deposit boxes or storage units. Worse yet, lying about assets may cause a bankruptcy court to dismiss your case altogether.  
  • Don’t file for bankruptcy if you think you might come into some money (like a gift or an inheritance) within the first year of filing. It’s most likely that your bankruptcy case will be dismissed because you can use this money to clear up your debt on your own. 
  • Don’t wait too long to file for bankruptcy. It’s always best to file as quickly as possible so that you don’t incur any more debt and especially if a creditor has a lawsuit against you. A bankruptcy attorney in Delray Beach like The Law Office of John E. Mufson can help you make sense of it all and can advise on the ins and outs of bankruptcy law. 

If you’re thinking about filing for bankruptcy, it could not have been an easy decision for you. But when you work with our experienced legal team at the Law Offices of John E. Mufson in Delray Beach, you’ll get honest answers and the highest quality customized client care that you deserve. If you’re considering bankruptcy but our team determines that it’s not aligned with your financial needs and goals, we’ll be upfront and let you know. While you may be shocked to realize that bankruptcy isn’t in your best interests, you’ll also be glad that a bankruptcy lawyer in Delray Beach was upfront with you about your options for debt relief. If filing for bankruptcy is the plan best for you, our legal team will take the time to fully explain your options so that you’re truly confident in the decisions you’re making. Call us today at (561) 272-1003 for a free consultation. We are available to our clients both nights and weekends. 

Fighting Foreclosure: Five Things You Need to Know

Posted on by John Mufson

Owning a home is a goal we all have, so to achieve homeownership is a big milestone. As a financial commitment, home ownership can be challenging, especially as your financial situation changes. Illness, job termination or layoffs, unexpected bills, and other financial strains can make it difficult to keep up with mortgage payments. If you find yourself struggling to stay afloat, threats for foreclosure can feel like the end of everything you’ve worked hard for. Don’t give up—you still have options. If you’ve been notified of foreclosure proceedings against you or you’re struggling to stay ahead of that looming threat, here’s five things you need to know. 

Review Mortgage Documents 

Before you panic, carefully review your mortgage documents. Look for clauses specifying the procedures your lender must follow to execute foreclosure. If they have not followed the proper guidelines, it does not invalidate their claim, but this can buy you time to build your foreclosure defense.  

Beyond just reviewing your mortgage documents yourself, you should also have a foreclosure defense attorney in Delray Beach review it as well. Their knowledge of foreclosure law can be useful in determining your next steps and helping you take advantage of any loopholes that may exist. 

Review the Legality of the Foreclosure 

As previously mentioned, a foreclosure defense attorney can use their legal knowledge to your advantage. Mortgage lenders must follow certain procedures which may include providing proper notice of default and opportunities for debt settlement. If it is determined that your home mortgage provider did not follow these laws, it can help to reverse their attempts to foreclose on your home. Again, this does not eliminate your troubles, but it will provide a bit more time to find a solution.  

Contact Your Lender 

Most mortgage companies don’t actually want to waste the time and resources on going through the courts to foreclose on a home. It is more cost effective for them to keep a current resident in place than to try to find a new home buyer. Even if you have defaulted on your loan, if you contact your lender you may be able to come to an agreement in regards to settling your debt and keeping your home. A foreclosure defense attorney in Delray Beach may also come in handy here as well. Lawyer involvement forces your mortgage lender to play fair and work with you in order to avoid heading to courts. 

Examine Finances 

It is also in your best interest to try and settle monetary disputes with your lender outside of the courtroom. Going to court only accrues further debts as you will be responsible for costs and fees. Before you get to that point, try to examine your finances and determine what you can do to get back into the green. Look for areas where you can potentially lower or eliminate your bills so allow for more breathing room.  

As you examine your finances, you may also want to consider if bankruptcy is the best option for you. Filing bankruptcy can put a hold on foreclosure proceedings and stop debt harassment in Delray Beach. Depending on your specific situation, you may file either Chapter 7 or Chapter 13 bankruptcy in order to reconstruct your financial situation. Be forewarned, though: bankruptcy filings will remain on your credit history for 10 years and may require you to completely rebuild your credit. It may also require you to liquidate your assets and ultimately your lenders and creditors can dispute your filing. 

Court Appeal 

If you have exhausted all of your options, going to court to appeal a foreclosure may be your final option. If it is, having an experienced foreclosure defense attorney in Delray Beach working on your behalf can help you save your home. With the law office of John E. Mufson, you can take advantage of over two decades of foreclosure and bankruptcy law experience. We help you to understand all your options so you can make an educated decision for your future. We are dedicated to getting you the best possible outcome no matter what direction you choose to take. 

Contact us today to begin exploring your foreclosure defense options. 

Five Things You Should Know Before Filing for Bankruptcy

Posted on by John Mufson

One of the most common sources of stress, anxiety, and depression in the United States is financial strains. If you’re in debt, you know how crippling it can be, affecting your life in unanticipated ways. Large amounts of debt can make it impossible to find decent housing, maintain your car properly, or take care of other obligations. It can feel like you’re drowning and struggling to stay afloat with no sign of relief in sight. Not knowing where you turn can make debt seem inescapable, but you do have options out there.

If you are considering filing for bankruptcy for debt relief, here are five things you need to know first. 

Understanding Different Types of Bankruptcy 

For the average person, debt solutions in Delray Beach are a foreign language. Bankruptcy laws are full of confusing language that make them difficult to understand without legal experience. Hiring a bankruptcy lawyer in Delray Beach can help you navigate and understand your options. 

The primary options for most people filing personal bankruptcy claims are Chapter 7 bankruptcy and chapter 13 bankruptcy.  

Chapter 7 Bankruptcy 

Also known as liquidation bankruptcy, filing under chapter 7 means that you are unable to make minimum payments on your debts to become debt-free. As the name suggests, this form of bankruptcy requires the liquidation of all assets to settle debts. However, it does give one the option to halt harassing phone calls and foreclosure proceedings, forcing creditors to accept the terms of your settlement. Once a discharge has been issued by the courts, you can then focus on rebuilding your credit. 

It should be noted, however, that not everyone qualifies for chapter 7 bankruptcy. If your debts are over a certain amount or you belong to a higher tax bracket, you may not qualify. Contact the Law Offices of John E. Mufson for more information today!  

Chapter 13 Bankruptcy 

The “reorganization” option for bankruptcy, chapter 13 is a form of consolidation and repayment plan. With a more affordable three to five-year payment schedule, this bankruptcy option offers debt relief without completely surrendering everything. Just as with chapter 7 bankruptcy filing, this option stops harassing phone calls and threats of repossession or foreclosure. Additionally, making your payments regularly and on time helps to build your credit as you pay off the debts. Once you’ve successfully paid off the agreed upon amount, your remaining debts will be dismissed. 

Consequences of Bankruptcy 

Filing bankruptcy isn’t a get out of jail free card. If you choose to liquidate, it will wipe out your good credit as well as bad. Bankruptcy filing also remains on your credit history for up to 10 years, which can affect things like trying to buy a home or car down the line. Having a bankruptcy on your credit history may also affect your chances of approval and interest rates on loans, ability to find an apartment, and other financial transactions. 

 What Bankruptcy Doesn’t Cover 

Not all debts qualify for dismissal through bankruptcy. If you owe child support or back taxes, bankruptcy will not remove these debts. Seeking other debt programs in Delray Beach can help you manage these expenses. The Law Offices of John E. Mufson can guide you through your options. 

Bankruptcy is on Public Record 

If you decide to file for bankruptcy, you should know that information will be available through public records. Not only will potential loan companies, realtors, and car dealerships be able to find the information, but others may be able to find it as well. If this is a concern for you, consider other debt solutions available to you. 

Creditors Can Challenge Your Request 

Filing bankruptcy is not a guaranteed solution. If you owe significant amounts to lienholders or other lenders, they can challenge your bankruptcy correct. A bankruptcy lawyer in Delray Beach can help you navigate the court process should a company decide to challenge your filing. At the Law Offices of John E. Mufson, we are well versed in bankruptcy law and fully capable of helping you make the best decision for your specific situation. 

For more information about how we can help you, contact us now! 

Five Things You Should Know Before Filing Bankruptcy

Posted on by John Mufson

One of the most common sources of stress, anxiety, and depression in the United States is financial strains. If you’re in debt, you know how crippling it can be, affecting your life in unanticipated ways. Large amounts of debt can make it impossible to find decent housing, maintain your car properly, or take care of other obligations. It can feel like you’re drowning and struggling to stay afloat with no sign of relief in sight. Not knowing where you turn can make debt seem inescapable, but you do have options out there.

If you are considering filing for bankruptcy for debt relief, here are five things you need to know first. 

Understanding Different Types of Bankruptcy 

For the average person, debt solutions in Delray Beach are a foreign language. Bankruptcy laws are full of confusing language that make them difficult to understand without legal experience. Hiring a bankruptcy lawyer in Delray Beach can help you navigate and understand your options. 

The primary options for most people filing personal bankruptcy claims are Chapter 7 bankruptcy and chapter 13 bankruptcy.  

Chapter 7 Bankruptcy 

Also known as liquidation bankruptcy, filing under chapter 7 means that you are unable to make minimum payments on your debts to become debt-free. As the name suggests, this form of bankruptcy requires the liquidation of all assets to settle debts. However, it does give one the option to halt harassing phone calls and foreclosure proceedings, forcing creditors to accept the terms of your settlement. Once a discharge has been issued by the courts, you can then focus on rebuilding your credit. 

It should be noted, however, that not everyone qualifies for chapter 7 bankruptcy. If your debts are over a certain amount or you belong to a higher tax bracket, you may not qualify. Contact the Law Offices of John E. Mufson for more information today!  

Chapter 13 Bankruptcy 

The “reorganization” option for bankruptcy, chapter 13 is a form of consolidation and repayment plan. With a more affordable three to five-year payment schedule, this bankruptcy option offers debt relief without completely surrendering everything. Just as with chapter 7 bankruptcy filing, this option stops harassing phone calls and threats of repossession or foreclosure. Additionally, making your payments regularly and on time helps to build your credit as you pay off the debts. Once you’ve successfully paid off the agreed upon amount, your remaining debts will be dismissed. 

Consequences of Bankruptcy 

Filing bankruptcy isn’t a get out of jail free card. If you choose to liquidate, it will wipe out your good credit as well as bad. Bankruptcy filing also remains on your credit history for up to 10 years, which can affect things like trying to buy a home or car down the line. Having a bankruptcy on your credit history may also affect your chances of approval and interest rates on loans, ability to find an apartment, and other financial transactions. 

 What Bankruptcy Doesn’t Cover 

Not all debts qualify for dismissal through bankruptcy. If you owe child support or back taxes, bankruptcy will not remove these debts. Seeking other debt programs in Delray Beach can help you manage these expenses. The Law Offices of John E. Mufson can guide you through your options. 

Bankruptcy is on Public Record 

If you decide to file for bankruptcy, you should know that information will be available through public records. Not only will potential loan companies, realtors, and car dealerships be able to find the information, but others may be able to find it as well. If this is a concern for you, consider other debt solutions available to you. 

Creditors Can Challenge Your Request 

Filing bankruptcy is not a guaranteed solution. If you owe significant amounts to lienholders or other lenders, they can challenge your bankruptcy correct. A bankruptcy lawyer in Delray Beach can help you navigate the court process should a company decide to challenge your filing. At the Law Offices of John E. Mufson, we are well versed in bankruptcy law and fully capable of helping you make the best decision for your specific situation. 

For more information about how we can help you, contact us now! 



Call Mufson Law for Professional Wrongful Death Attorneys in Delray Beach  

Tired of Living with Debt? Discover Debt Solution in Delray Beach

Posted on by John Mufson

Are you living with debt? Have you been doing so for most of your life? Do you want to leave this lifestyle behind? If you have answered “yes” to all these questions, especially the latter, then we can help. In fact, we want to help! The Law Office of John E. Mufson has been aiding individuals in getting rid of their debts once and for all. Nobody wants to carry such a heavy burden, especially if you don’t have to. Come in for a consultation and we’ll discuss a responsible and effective debt solution in Delray Beach.

Speak with Professionals about Debt Solution in Delray Beach

Navigating the financial world can be challenging, and at times quite confusing. Especially if it has nothing to do with your day job, and you lack the tools and resources to drastically change your upsetting financial situation. Thankfully, finances and helping people put away their financial nightmares are our expertise at The Law Office of John E. Mufson. We have been coming to the aid of clients for 25 years and advocate for those who may not know how to resolve debt issues for themselves. Providing bankruptcy representation and debt solution in Delray Beach to individuals and small business owners has been our mission and one that we’ve gladly taken on.

A great portion of the work we do at The Law Office of John E. Mufson has to do with representing consumer debtors and businesses who file under Chapter 7 or Chapter 13 of the bankruptcy code. We also assist those who need workouts with creditors, mortgage foreclosures and credit card lawsuits filed by creditors. We lend our undivided attention to each case, listening carefully to our clients’ concerns, developing a strategy specifically tailored to their unique circumstances. With great expertise and experience in such matters, it’s no surprise that our clients keep recommending us to others who are struggling with debt and need a way out, through either debt solution in Delray Beach or another approach better suited to their situation.

Review a Debt Solution Strategy in Delray Beach

The idea behind most debt solution methods in Delray Beach is to negotiate a deal with your creditors to reduce the amount of money owed, reduce the interest rate, extend a loan period, or at times a combination of these. Such objectives can be met through various debt solution plans. It is important that you commit to one that will ultimately work for you and your individual concerns. Luckily for you, that’s exactly what we can do for you at The Law Office of John E. Mufson. We can set you up with the best debt solution plan in Delray Beach so you can embrace a new life free of debt! Call us today at (561) 272-1003 and schedule an initial free consultation to talk about your options!

What is Debt Consolidation?

Posted on by John Mufson

Debt consolidation is essentially when multiple debts are rolled over into a single one with a lower payment. One could use either a personal loan or a credit card to consolidate debt. If you’re unfamiliar with the idea of debt consolidation, you may want to see how it works, when it’s a good idea, and determine in which cases it is a bad idea. Equally important, you’ll want to find out who is the best team to consult when considering debt consolidation. Luckily for you, we’re here to tell you that The Law Office of John E. Mufson is exactly who you will want to seek counsel from at times like these. We can provide you with useful information about the various consolidation programs in Delray Beach and more.

How Does Debt Consolidation Work?

Before you commit yourself to any sort of debt solution method, it’s imperative that you are well informed about precisely how it works and if it will benefit or affect you, depending on your unique circumstances. To understand how debt consolidation works, let’s break down the process. According to industry experts, there are two main ways to consolidate debt, and both concentrate your debt payments into one monthly bill. The first option has a 0% interest, balance-transfer credit card: transfer all your debts onto this card and pay the full balance during the promotional period. You can also opt for the second option, which is a fixed-rate debt consolidation loan: you can use the loan to pay off your debt, then pay back the loan installments over a set term. Besides these two methods, there is the home equity loan and the 401(k) loan, which tend to be riskier choices since they could affect your home or retirement. Ultimately, the best way forward will depend on your credit score and profile, and other relevant details. Whatever option you consider, speaking with a professional about consolidation programs in Delray Beach is the best way to get started.

Is Debt Consolidation Good for You?

The answer to this question will be highly dependent on your situation. Debt consolidation is considered the best approach if you, for instance appear like a suitable candidate for a 0% credit card or low interest debt consolidation loan, if you have secure and frequent income to cover the payments toward the debt, and if the total of your debt, taking out your mortgage, doesn’t go over 40% of your income. Of course, every case will be different, but these are some of the key points you’ll want to look out before fully committing to debt consolidation.

For those who are overwhelmed by debt and think they will not be able to pay it off even with reduced payments, then debt consolidation may not be your best option. If you have a small debt load, then you may be better off by paying your debt in increments over a period of six months to a year. If the totality of your debts goes over half of your income, then you may need to seek debt relief instead. In any case, scheduling a consultation with a specialist in the matter is the best thing you can do for yourself. Call The Law Office of John E. Mufson at (561) 272-1003 and we’ll discuss the best consolidation programs for you!

Looking for the Best Debt Programs in Delray Beach?

Posted on by John Mufson

You are in debt. Frightened about your financial condition and desperate for answers, you’re searching for debt programs that can help you somehow regain your stability. Let us just tell you that you’re not the only one facing this kind of hardship. Many people today are in debt and they, just like you, are constantly looking for new and safe solutions to eradicate their debt and balance their status once and for all. In these circumstances, the best thing you can do is consult a specialist in the matter. You are already dealing with a less than comfortable scenario, the last thing you want to do is get yourself into another predicament. With the expertise and experience of the team at The Law Office of John E. Mufson, that won’t ever be the case. We will set you up with the best debt programs in Delray Beach, finally giving you the fresh start you need.

Actions, Not Promises with Our Debt Programs in Delray Beach

The worst thing you can do, if you’re currently struggling with debt, is to ignore the problem. Problems don’t need to be ignored, they need to be dealt with and resolved. What’s important is that whatever solution you’re considering is safe and eliminates the issue at the root. At The Law Office of John E. Mufson, we are used to working with clients who may have tried every possible resolution but have sadly not been able to put a definitive end to this challenge. The truth is that many haven’t filed for bankruptcy because they are afraid of the bankruptcy system, and have therefore decided to invest in other debt relief options such as loan modifications, debt consolidations, and more. Such measures, however, often achieve zero results and can leave the individual in worse financial shape. Don’t waste your time with these debt workout schemes, when you can consult a professional and get actual help.

Protect Your Assets with Our Debt Programs in Delray Beach

At The Law Office of John E. Mufson, we are experts at helping you resolve your debts while keeping your assets intact. In fact, we use the bankruptcy system to protect the rights of our clients and avoid repossession, foreclosure, and creditor lawsuits. During a free initial consultation, Mr. Mufson will review your situation thoroughly and advise you about the best ways to proceed in your particular case.

Contact Us to View the Various Debt Programs in Delray Beach

Debt isn’t something you should take lightly. However, you don’t have to worry if you act soon. Speaking with a known professional in the matter is the best thing you can do to secure your present and your future. Find the relief that you need today by calling the team at The Law Office of John E. Mufson at (561) 272-1003 and schedule your first appointment with our leading expert to discuss the best debt programs in Delray Beach.

Alternatives to Bankruptcy: Negotiating Debt and Credit in Delray Beach, FL

Posted on by John Mufson

Bankruptcy Delray Beach

Are you finding yourself in the footsteps of Sisyphus, condemned to an eternity of rolling a boulder uphill which will always roll back down again? Financial burdens of past debts can often feel this way and can take away from your ability to move forward in life. Are you struggling with the inability to look past to your debt overcome, have fallen behind in significant insolvency, or are at the verge of creditors taking legal action against you for a lack of repayment? —congratulations on taking this step toward most-permanently resolving your financial and debt concerns with unending creditors by negotiating your debt and credit in Delray Beach, Florida.  

When seeking solutions for credit negotiation and debt resolution, there is an array of steps that you may take toward reversing the negative effects listed on your credit if you have fallen behind on debt. In choosing to settle your debt in an effort to negotiate credit, cutting some of the interest off the debt or even some of the principal, depending on your unique hardships and your state’s legal statutes regarding consumer, debt and creditor rights, are viable strategies in Delray Beach, Florida.   

Know what is Negotiable  

A creditor may be more likely to negotiate with you if the Statute of Limitations on your debt is about to expire and if you have already tried options in debt management.  

Creditors will also have standard policies for how much off a loan principal it will forgive when you haven’t made payments for a certain period of time, which is a form of debt negotiation that you may do independently on your own while speaking with creditors to manage debt. For such independent negotiations, it is advised to get the agreed upon terms in writing before making any repayment, recording the conversations had with the creditor may also help, as often what is understood by either party may be different, leading to potential complications in the negotiation process. However, attaining a written agreement before repayment is key and necessary to protect yourself from legal action renewed by a creditor. If you are incapable of managing your debt, and are behind in the process of repayment, speaking to a legal professional may be beneficial in understanding your options for permanently overcoming unmanageable debts. The Law Offices of John E. Mufson, P.A., in Delray Beach, Florida, can examine with you your specific financial concerns and potential solutions.    

What is the Statute of Limitations (SOL) on a Debt  

The Statute of limitations on a debt is how long a creditor or debt collector can successfully and lawfully pursue legal action to collect a debt. Most often, the statute of limitations starts when you miss the first payment with the original creditor and not when the debt is sent to collection. In the event that a creditor attempts to sue you after this period has expired, you could raise the Statute of Limitations as a defense to legal retribution taken for the given debt.  Keeping this in mind, there is a stark difference between the timeframe that debts may appear on your credit report, often seven years, and that of debt collection statutes. As well, be particularly aware that if you have already fallen behind on your debt, a partial repayment can restart the statute of limitations on a debt or it can restart the time period for how long the negative information continues on your credit report.  

Understanding the difference between Written Contracts vs Open/Unwritten Accounts 

These are both critical categories that may benefit you to understand under the guidance of a legal professional if you are being sued for repayment by a creditor or collection agency.  In Delray Beach, Florida, the Law Offices of John E. Mufson, P.A., can discuss with you cost-free how your specific debt and credit concerns may be negotiated to limit its negative effects from your future.    

In the state of Florida, open accounts, which are generally considered credit card debts, have a Statute of Limitations of four years. Written contracts on the other hand, which may include financial obligations such as instalment payments, mortgages and auto loans, have Statutes of Limitations of five years.  

For student loans, it is advised to verify if there are tax consequences or income garnishing when opting for debt forgiveness. Likewise, there are several types of student loans anywhere from privately to federally issued, it is wise to keep in mind that the Statutes of Limitations for your specific type of student loan vary, and to consult with a legal professional if you are unsure. Acknowledge also, when choosing how you may negotiate your credit and debt, some of the time, if a portion of your debt is forgiven by a creditor, it could be counted as taxable income on your federal income tax, checking on these provisions previous to making any agreement with a creditor is helpful and recommended. If you are in Delray Beach, Florida, the Law Offices of John E. Mufson, P.A., can assist you in understanding credit and debt negotiation options depending on your unique circumstances.  

It is Important to Check Your Credit Before Negotiating and After

It is important to check your credit to see when the dates for the Statute of Limitations and collection were recorded, also the fact that some judgements may have been made on these negative elements that you did not know existed, and to find out where and how these items are affecting your credit. Credit.com, for instance, reports that one in five Americans has mistakes on their credit. As you know, negative credit items affect many aspects of your daily life, including your ability to finance further credit and find work. When you have a law firm on your side, it is even more possible addressing such concerns on a more timely and thorough basis. Credit that is not reported correctly is often not challenged, and it is quite possible to do this, even after the debt has exceeded the timeframe that these may legally appear on your credit report.  Many instances of credit error go unaccounted and may be affecting your finances negatively as is. Discussing your particular credit status and debt concerns in Delray Beach, Florida, with the Law Offices of John E. Mufson, P.A., can help you understand where you stand in your current financial hardship and your future. Give us a call if this is you, (561) 272-1003, stop by our office, 1615 S Congress Ave #103, Delray Beach, FL 33445, or even use our chat system, https://www.mufsonlaw.com/.