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A Credit Counselor Versus a Bankruptcy Attorney


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A Credit Counselor Versus a Bankruptcy Attorney

When I was drowning in debt, I knew that soon enough I would need to file for bankruptcy. I simply didn't make enough to cover the amount of debt I had accumulated. However, I was not sure whether I should work with a credit counselor or a bankruptcy attorney. I did a lot of research on the subject and found that there are pros and cons to working with both a credit counselor and a bankruptcy attorney, and that you also had the option of working with both at the same time. Ultimately, I decided to hire the attorney, but that may not be the best option for everyone. I created this website to help you understand what a credit counselor is and what they do, what a bankruptcy attorney is and what they do and how each can help you if you are drowning in debt.

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Want To Sell Your Structured Settlement? Why You Need To Hang Onto Your Personal Injury Attorney

Now that your personal injury attorney has helped you obtain a great settlement, you might be wondering how you can get a lump sum instead of a structured settlement. Many personal injury cases end with a structured settlement because it helps the defendant come up with the money over time, and it helps the victim obtain a steady income stream. However, you can sell your structured settlement and get a lump sum amount as long as you have your attorney by your side to prevent you from making these mistakes:

Mistake #1: Selling to the Highest Bidder

When you sell your structured settlement, you actually sell the rights to the income. You end up getting less money than you would if you keep the payments for yourself. However, if you need to sell, don't automatically accept the highest offer.

Have your attorney go over the contract to make sure it is solid. Often the deal sounds good, because you get a lot of money upfront. However, the buyer might decide to change the contract by trying to purchase more of your settlement without giving you more money because they paid you more when the contract was first signed.

Mistake #2: Selling All of the Settlement

Contrary to what you may have heard, you don't have to sell the entire settlement. You can sell a portion and still have a small income stream coming in for a bit more financial security down the road. Keep this in mind when you and your attorney work together to review buy offers and contracts.

Mistake #3: Selling Too Fast

Nobody knows what the future holds, or what expenses are going to come along. For this reason, follow your attorney's advice when it comes to when selling your structured settlement is a good idea. Some buyers offer a contract to buy you out right away, especially if there is a large amount of money in the settlement.

Ask your attorney about the right time to sell. See how the monthly payments work out first. It could be that the income stream is more than enough for your needs, so selling right away isn't a necessity. However, if you're injured and need a great deal of money to pay for upfront expenses, such as your child's college education, then your attorney may advise you to take the money and run.

Follow your personal injury attorney's instructions carefully when a settlement is reached. Don't sign any papers without giving them to your attorney to review first, no matter how awesome the deal sounds. Keep your personal injury attorney on the job until the settlement goes through completely and you've gotten their advice on how to deal with selling it. Share this with someone who is going through the process so they too will know what their rights are concerning selling their structured settlement. Need a personal injury attorney? Find someone reputable like Conway Pauley & Johnson PC Attys.