In order to reduce the amount of debt that they owe, many people turn to debt settlement. In this scenario, a lender agrees to settle with you for less than what is actually owed. While determining the terms of a debt settlement, your existing financial situation will be carefully assessed. The creditors must be satisfied that you are paying back as much as you possibly can. What happens if you are involved in a car accident, hire an attorney and are awarded a settlement? Will that money affect your existing debt settlement? It all depends.
Hire the right attorney
There is no surefire way to determine whether a new car accident settlement will affect an existing debt settlement arrangement. To ensure that your rights are adequately protected, you need to retain a talented attorney. The right attorney will understand the intricacies of Georgia law, and he will be able to help you determine whether your auto accident settlement is going to have an impact on the amount you have agreed to pay in your debt settlement. In some cases, your car accident settlement could result in a revised debt settlement. In others, it may have no impact at all.
Protect yourself financially
When you are awarded a settlement in the aftermath of an auto accident, the money is meant to be used to recoup medical expenses and to relieve some of your pain and suffering. Would it be fair for the funds to be diverted directly to a debt settlement company? Without a talented Savannah lawyer, your auto accident money could be mishandled. It might end up in the wrong hands.
Don't leave things to chance. If you have an active debt settlement agreement and have been awarded money following a car accident, contact Savannah’s Tate Law Group right away.