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something that's free it's easy doesn't take long get on the phone and you'll find out your options when you talk to an attorney if your debt is overwhelming and you don't know what your options are well we're here to help that's what we're going to ask the lawyer on today's episode hi again everybody I'm Rob Rosenthal with ask the lawyers calm and my guest is attorney David Shuster with Schuster law in Dallas Texas David thank you for making some time to answer our questions today thanks Rob glad to do it let's start with the basics I'm in debt I'm overwhelmed I don't know what to do I don't know what my options are what's your advice my advice is to call an attorney now a lot of people think and when they're making this their payments and they're getting by but they're worried about you know hey I'm just barely covering the minimum or if I keep making this certain payment it's gonna be X number of years before I get out of debt and and so what do they do I mean they had the point thing I know Rob is there are options that you should consult an attorney you know there are a lot of marketing companies like debt settlement companies different firms and things and whether they're gonna try it on their own but you know the consultation with an attorney my consultation regarding you know what may be a strategic default of your credit is something that's free it's easy doesn't take long get on the phone and you'll find out your options when you talk to an attorney the initial consultation doesn't cost anything no no charge for initial consultation about bankruptcy and debt relief no Wow because I imagine most people think money is my problem how am I gonna find the money to pay a qualified attorney so that's that's good to know David they think as long as I pay an attorney if I can't pay the debt I can't be there but listen you're not an attorney is not gonna I would not recommend a fee for a client unless there's gonna be an immense benefit from paying that fee so a savings like you're gonna the big savings from from going with an attorney at the deal with the debt for sure so you've mentioned you mentioned settlement debt settlement a little bit of course we know about bankruptcy compare and contrast to - for us what the water that what's the same what's the difference and who could be helped by which alright Rob so the debt bankruptcy differ it is everyone's situation is gonna be different I mean for example if you qualify for a chapter 7 which is the Fresh Start bankruptcy and you can get your your debt wiped out and not lose any of your property then you would not want to go into a debt settlement or a chapter 13 scenario so the first threshold conversation is about can I get my debt wiped down into chapter 7 right it's a big topic to think about for someone that doesn't know anything about it but that's the first thing to examine what what can it do for me and my family it's different than debt settlement because debt settlement you're repaying creditors you're also repaying creditors in the chapter 13 the difference between debt settlement in a chapter 13 both paying creditors is debt settlement we're doing it on our own we're doing on our own terms rather than then the court in the trustee trying to figure out that your family has the ability to pay back this much debt essentially we're doing the debt settlement on our own looking to repay creditors with settlements of a much lower percentage than the total balance what would be the advantage of a debt settlement and does it have less of an impact on your credit score so again you know back to the fact that it's different for all folks so let's say you're you're you don't qualify for a chapter 7 because you make too much money and then if you were to do a chapter 13 Rob you may end up repaying a hundred percent of your debt which sometimes is not a bad thing because you're not repaying those in that interest you know sometimes we have folks out there that are just paying credit card payments right and in and they file chapter 13s and and all the creditors get paid in full 100 percent but they still get out of debt quicker because you can't get out of debt with the revolving interest rates that creditors charge you so you know the advantage to debt settlement is that you can pay less than you would in a chapter 13 right so you can do debt settlement and pay back 50 percent of your debt rather than a hundred percent in this time of coronavirus layoffs people being furloughed are you expecting to see an increase in the number of people looking for a bankruptcy debt settlement that somebody like you in the future well if we're in a everything is evolving it seems almost daily right I mean there's there's checks coming out people are applying for loans and and it might get forgiven or might not so so yeah I mean everything is up in the air but one thing is for sure I mean credit if you have available credit I mean it's like having available money right I mean you you can utilize that for your necessities right so if you're having you know if anything you know go ahead and and and and you know obviously take advantage of the credit now that you have to use in and you know I as far as what's gonna happen I don't know I mean inevitably people are you know this thing is this economy's gonna kick start back you know whether it's gonna be a V or a U or whatever kind of letter they say it's gonna win is to come back and I happened how big is it gonna be I don't know one thing's for sure though with this available credit that you have you know don't don't lose sleep stay healthy I mean that that's the kind of stress over this stuff for one thing is what's gonna apparently so the experts they attacked your immune system and making more than horrible to the virus so so don't get stressed out by it I mean use that credit if you have it I'm not saying you know use it don't don't worry about it at all but but use it get sleep take care of your family and if the time comes where you need to talk to an attorney about your options then you can do that let's talk about a little bit David someone who may need to talk to someone like yourself but they're worried I can't leave the house offices are closed there's quarantine II Oh what are your options there well Rob my option just like we're doing here you know it's it's so easy to schedule a zoom meaning to most people just you know prefer the phone or if even if you do a zoom you can do only the audio like these things are easy to schedule the hearings right now are going forward via zoom and telephonically as well by me verifying driver's license and Social Security information sent over ahead of time so yeah I mean real it's it's easy to set up consultations this way and the hearings right now you don't even have to leave your house for I don't know how long that's gonna last but it seems like it's gonna be the next couple of months so yeah I mean don't feel like you know you and by the way we're and for business so you know with the appropriate distancing and sanitization in the office you know we we do partial work at home partial here at the office but some people do still do prefer to swing on by and I'm available for that as well but if somebody is is there over their head they're overwhelmed they don't need to think oh I got away - all this is over before I can get some help oh for sure jump on the phone now get some information like I said it's a free consultation I'll talk to you give your options I mean and then six months later you call me or maybe you don't need to but yeah I mean get information really I mean educate yourself and don't just rely on what you go through on the Google search I mean talk to a local attorney please if you're in DFW area just give me a call we'll set something up David thank you so much for all if all the information very helpful as usual I appreciate it okay thanks rather that's gonna do it for this episode of ask the lawyer my guest has been attorney David Shuster of Dallas if you want the best information or you're ready to choose a lawyer that lawyers choose make sure to go to ask the lawyers dot-com also please take a second to like share and subscribe by clicking below thanks for watching i'm rob rosenberger calm you