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should I use a lawyer or a debt reduction company to eliminate an old debt.
Worcester, MA
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Posted 2 months ago in Debt Settlement
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I have a credit card debt with a single card that I stopped paying on in 2002 when i lost my job. It was around $21k then, and the last time I checked, in 2006, it was around $25k. I was hospitilized for mental illness in 2005 and placed in a rest home upon release. I've since gotten my own apartment and have saved up $7k from my SSDI payments of about $1,700 per month. I can't afford $25k but could pay some money towards the debt.
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Answers (3)
Christopher W. Vaughn-Martel
This attorney is licensed in Massachusetts.
Posted 2 months ago.
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Do not make any payments until you have spoken with an attorney!
If you truly stopped paying your debt in 2002, you may have an absolute defense to repayment. Depending upon the specific facts of your situation, the statute of limitations may have expired, and you might not have to pay back a dime. A debt reduction company, in this instance, will be a waste of your money, and you may end up having to hire a lawyer anyway in the event that you are sued by the creditor. Please feel free to contact my office if you would like to discuss your case further. 
Kara O'Donnell
This attorney is licensed in Massachusetts.
Posted 2 months ago.
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Many debt reduction companies are "fee for service" and can leave the consumer is worse debt than he was in previously. (See my blog at http://quincylegal.wordpress.com )
If your ability to earn income is not strong, meaning that you will be very reliant on SSDI for a long time, then perhaps you should consider bankruptcy. In bankruptcy your $7k nest egg may be entirely exempt and you'll be able to keep it for a rainy day. As Mr. Martel indicated, you should speak with an attorney about your options. Kara O'Donnell Law Office of Kara O'Donnell Quincy MA www.QuincyLegal.com Nicole
Posted about 1 month ago.
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I agree with Kara, market is full of financial service provider ,the only thing you have to consider is there consistency.
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