We are drowning in unsecured debt and cannot get our heads above water.
We are trying to decide whether to go with a debt settlement company (we are leaning toward Freedom Debt Relief) or contact an attorney. Not sure if the fees would be comparable- or if the attorney would be able to help us in the same way?
I’m a bit worried about you approaching debt settlement through anyone unless you have a lump sum of cash on hand right now to use to settle your debts in one fell swoop. If you do then I think that if the debt settlement company has more experience in doing this than the lawyer, they may be the better way to go.
However, if the attorney is familiar with the current offers you creditors are accepting to pay off with debt settlements than make your choice based on price and your gut level. Both entities are going to charge you fees for offering you a professional service.
If you are just getting by now and don’t have the cash on hand to settle the debts right now then I would advise you against going for a monthly payment debt settlement approach. In that plan people send monthly payments to the entity they are working with, lawyer or debt settlement company, and those funds are saved up until there is enough cash on hand to make an offer to a creditor.
During this time when the creditors are not getting paid and the settlement group is saving up the monthly payments, many people get sued by their creditors. It’s not worth the risk of getting sued to try the monthly payment method. I think you’d be better off considering bankruptcy instead. In bankruptcy you are either going to get all of your debt wiped out or on a monthly payment plan that creditors must accept. I’d suggest that you meet with a local bankruptcy attorney and get a free bankruptcy consultation before deciding on the monthly payment debt settlement path.