Best Debt Settlement lawyers in Ellicott City, MD

1 Debt Settlement Lawyers in Ellicott City, MD

experienced lawyers

Wayne K Clark

4278 Buckskin Lake Drive, Ellicott City, MD

Bankruptcy Debt Settlement Foreclosure +2

5.0/5

5.0

14 Reviews

20 Mar, 2017 by Jerry

If you have the opportunity to work with Wayne Clark, take it. Please take the time to read this review. My wife and I were recently forced into bankruptcy and we were also wrongfully accused of committing a fraud in a business deal that led to our bankruptcy. The plaintiffs sued knowing that we did not have the financial resources to defend ourselves. Their reason for such an action is irrelevant here. I was forced to try and defend us without a lawyer. Our case was complicated; I went weekly to the free legal clinics at the law library in Annapolis and attempted to educate myself in the subtleties of the legal systems. The task was daunting. During that time I talked many attorneys to get help, but we could not afford their services. I met Wayne at the free legal clinic at the bankruptcy court in Baltimore. He gave me a lot of helpful advice and went back to perusing our case. A few months later I again visited the legal clinic and fortunately for me; I once again met Wayne. I asked if he could guide me in preparing my case. I wrote a few motions and I asked Wayne to review them. He not only did he review my work; he assumed control of writing the motions I was seeking. He interviewed me and reviewed our documentation at length and he believed in me and our case. He knew that the plaintiffs did not have a creditable case; as he instructed me proving it is a different matter. He took on this case with an energy and commitment that astounded me. Although he had other cases, he still made me feel as if our case was always at the top of his mind. He seemed to work day and night, he would call me at night, on weekends and during holidays. He pushed me hard to produce the documents that he knew we would need for the case. As anyone can imagine this case was a very emotional and stressful ride for both my wife and I. Wayne was very good at taking the emotional anger out of the discussion and more importantly he was never afraid to tell me how it was and to take me task. When we finally got to court, it was obvious that the plaintiff's case was without merit and they agreed to settle out of court by dropping the case. Without Wayne's help, I would have lost the case even though the plaintiff's case was without merit. If you have the chance to work with Wayne, take comfort in knowing that you dealing with someone who will give you honesty, integrity and commitment. There are not enough words to describe our gratitude for having Wayne assist my wife and I with our case. If you have the chance to work with Wayne, Take it!!!

14 Mar, 2017 by Anonymous

Hello I just want to say I called the Civil hotline for free attorney advice. Mr. Wayne Clark picked up and after I explained my situation as far as all of the loan modifications that I have been doing with my bank and their denials. I also explained to him that in a panic state one night, I hired an attorney off a commerical and paid him almost $3,000 to help with a loan modification that was denied. Not knowing that the attorney had possibly done something wrong Mr Clark advised me what I needed to do to get my money back from that attorney. Mr. Clark also advised me in approx 1 hour what I was fearing all along. See I had been fighting to save my home for almost 2 years, thinking I could. He asked me questions and evaluated my salary the home loan as well as the value of my home. In doing that he gave me an assessment of why the bank probably kept dening my loan modification and he made me realize that unless my income increased substantially like ASAP that my chances of saving the home was not great, that was the honesty do I need it. All I did the past two years was kept fighting and the amount of my past due balance increasing, and the bank was letting it happen. The bank has given me unrealistic expectations based on my salary and the likelihood that I would be able to catch up on the past due balance. For the first time in 2 years I was hit with the best reality check that I needed. I went to my church and prayed with my pastor and then contacted a realtor who basically advise me of the same thing. I did exactly what Mr. Clark told me to do and contacted the attorney, told him to give me my money back within one week and if he did not the steps that I was going to take in getting the money back. That attorney panicked to my surprise and did not fight me. I had my money within 4 days honestly, I could not believe it, I thought that money was lost and gone and thrown down the drain. I'm now prepared to move forward and start again. I'm so thankful to Attorney Clark because basically my funds were gone and he helped me get my money back free of charge with his advice. I truly feel he was a God sent and I would refer him to anyone anytime and any day. Thanks again Attorney Clark for all your help, bless you.

09 Mar, 2017 by Doriann

My husband and I were faced with bankruptcy due to a failed business deal. We were being sued by my husband's partners and had NO WHERE to turn. Our original attorney had been disbarred and we didn't have any more money to hire someone else. We met Wayne through the legal services offered in Baltimore and he GRACIOUSLY agreed to represent us!!!!! He worked diligently from September through to March when we had our trial. He was able to negotiate a settlement of our case. Wayne is compassionate, detailed and very hardworking. He was able to explain options in language that we could understand. We were SAVED by Wayne and his expertise

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What a Debt Settlement Lawyer Can Do for You

A debt settlement lawyer specializes in helping individuals and businesses negotiate with creditors to reduce or eliminate unsecured debts, such as credit card balances, medical bills, and personal loans. These lawyers provide legal advice on debt relief options, represent you in negotiations, and protect your rights under consumer protection laws. By leveraging their expertise, a debt settlement lawyer can often secure more favorable terms than you might achieve on your own, potentially reducing the total amount owed and helping you avoid bankruptcy.

When Should I Hire a Debt Settlement Lawyer?

You should consider hiring a debt settlement lawyer in the following situations:

Overwhelming Debt: If you're struggling to make minimum payments on your debts or are facing significant financial hardship, a lawyer can help explore options to reduce your debt burden.
Creditor Harassment: If creditors or collection agencies are harassing you with frequent calls, letters, or threats, a lawyer can intervene to protect your rights under the Fair Debt Collection Practices Act (FDCPA).
Lawsuits from Creditors: If a creditor has filed a lawsuit against you for unpaid debts, a lawyer can represent you in court and negotiate settlements to prevent wage garnishment or asset seizure.
Complex Debt Situations: If your debts involve legal complexities, such as co-signers, joint accounts, or disputed charges, a lawyer can navigate these issues effectively.
Considering Bankruptcy: If you're contemplating bankruptcy but want to explore alternatives, a debt settlement lawyer can advise on whether debt settlement is a better option for your situation.
Protecting Assets: If you have significant assets you wish to protect from creditors, a lawyer can help structure settlements to safeguard your property.

Hiring a lawyer early can maximize your chances of a favorable outcome and prevent legal missteps that could worsen your financial situation.

What Does a Debt Settlement Lawyer Do?

A debt settlement lawyer provides a range of services to help you manage and reduce your debts:

Legal Consultation: Evaluates your financial situation, explains your rights, and advises on the best debt relief options, such as debt settlement, debt consolidation, or bankruptcy.
Negotiating with Creditors: Communicates with creditors and collection agencies on your behalf to negotiate reduced settlements, lower interest rates, or extended repayment terms.
Drafting Settlement Agreements: Prepares legally binding agreements that outline the terms of the settlement, ensuring that the creditor cannot pursue additional claims once the debt is settled.
Protecting Against Creditor Harassment: Uses legal tools to stop abusive collection practices and enforces your rights under consumer protection laws.
Representing You in Court: If creditors file lawsuits, the lawyer can defend you, potentially getting cases dismissed or negotiating settlements to avoid judgments.
Financial Planning Advice: Provides guidance on budgeting, managing expenses, and rebuilding credit after debt settlement.
Bankruptcy Alternatives: Helps you explore alternatives to bankruptcy, which can have long-term effects on your credit and financial opportunities.

How Are Debt Settlement Lawyers Paid?

Debt settlement lawyers typically charge for their services in one of the following ways:

Flat Fee: A set fee for specific services, such as negotiating with a single creditor or handling a straightforward settlement.
Hourly Rate: Charging an hourly fee for the time spent working on your case. Rates can range from $200 to $500 or more per hour, depending on the lawyer's experience and location.
Percentage of Savings: Some lawyers charge a fee based on a percentage of the amount they save you in the settlement. For example, if they negotiate a $10,000 debt down to $6,000, they might charge 25% of the $4,000 saved.
Retainer Fee: An upfront payment from which the lawyer deducts fees as they work on your case. You may need to replenish the retainer if it is exhausted.
Payment Plans: Some lawyers offer payment arrangements to make their services more affordable, allowing you to pay the fee over time.

It's important to discuss payment structures and fees during your initial consultation to understand the total cost and ensure it fits within your budget.

How Much Does a Debt Settlement Lawyer Cost?

The cost of hiring a debt settlement lawyer varies based on several factors:

Flat Fees: May range from $500 to $3,000 per creditor, depending on the complexity of the negotiations.
Hourly Rates: Typically between $200 and $500 per hour. Total costs depend on the amount of time required to settle your debts.
Percentage of Savings: Commonly 15% to 25% of the amount saved through negotiation. For example, if your lawyer saves you $10,000, their fee might be $1,500 to $2,500.
Retainer Fees: Initial retainers can range from $1,000 to $5,000, depending on the anticipated workload.

Additional costs may include:

Court Fees: If legal action is necessary, such as filing motions or defending against lawsuits.
Administrative Fees: Charges for copying documents, postage, or other administrative tasks.

Always request a detailed fee agreement and discuss all potential costs upfront to avoid unexpected expenses.

How to Check the Credibility of a Debt Settlement Lawyer

Verify Their License: Ensure the lawyer is licensed and in good standing with your state's bar association.
Experience and Specialization: Look for a lawyer who specializes in debt settlement or consumer debt law.
Client Reviews and Testimonials: Research online reviews or ask for references to learn about other clients' experiences.
Professional Memberships: Membership in organizations like the National Association of Consumer Bankruptcy Attorneys (NACBA) or local bar associations can indicate a commitment to the field.
Disciplinary Record: Check for any past disciplinary actions or complaints filed against the lawyer.
Consultation Feedback: Use the initial consultation to assess their communication style, professionalism, and confidence in handling your case.

What Should I Prepare for My First Consultation?

To make the most of your initial meeting with a debt settlement lawyer, bring the following:

Detailed List of Debts: Include all creditors, account numbers, balances, interest rates, and any correspondence you've received.
Income and Expense Statements: Provide documentation of your income sources and monthly expenses to give the lawyer a clear picture of your financial situation.
Credit Reports: Obtain a recent copy of your credit report from all three major bureaus (Experian, TransUnion, Equifax).
Correspondence from Creditors: Bring any letters, notices, or legal documents you've received from creditors or collection agencies.
Legal Documents: If you've been served with lawsuits, summons, or wage garnishment orders, bring those documents.
Questions and Concerns: Prepare a list of questions about your options, the debt settlement process, and potential outcomes.
Budget Information: Be ready to discuss what you can realistically afford to pay toward settlements.

By being thoroughly prepared, you enable the lawyer to assess your situation effectively and provide the best possible legal advice tailored to your needs.