Dealing with a significant amount of debt can feel insurmountable, but one method of addressing the issue without going to court with your creditors is by using alternative dispute resolution. With the help of an experienced and knowledgeable Georgia attorney, alternative dispute resolution can be a way to alleviate some of your financial burdens. To learn more, call or contact the Cornwell Law Firm today to schedule a consultation of your case.
Types of Alternative Dispute Resolution
There are two main types of alternative dispute resolution for matters involving debt — mediation and arbitration. In mediation, each side and their attorneys sit down with a neutral third party known as a mediator and try to come to a compromise on the issue that all sides agree upon. In arbitration, each side and their respective lawyers meet with a third party known as an arbitrator. The arbitrator hears evidence from each side about the issue and renders a decision. Some types of debt agreements stipulate that mediation or arbitration must be attempted first before a lawsuit can be filed in court.
The Alternative Dispute Resolution Process
The alternative dispute process takes place outside of the courtroom, usually in an office conference room. The parties involved schedule a time for the alternative dispute resolution to take place that works best for everyone, which often means that the issue can get resolved faster than if it was litigated in court. In a mediation, the mediator sits down with each side to identify the major issues and hear each side’s proposed solution. The mediator then goes back and forth between the parties, working on a compromise and suggesting unique solutions for their debt matters. In arbitration, each side has an opportunity to frame the issue and present evidence as to why their side is correct. The arbitrator then weighs the evidence and renders a decision. If alternative dispute resolution does not work, the parties can then file a lawsuit in court and move forward with traditional litigation proceedings.
Benefits to Alternative Dispute Resolution
There are many benefits to utilizing alternative dispute resolution for your debt problems. First, alternative dispute resolution is often a faster, and cheaper, way to settle your debt issues than traditional litigation in court. Second, it allows for privacy as the details of your debt matters stay off of the public record, whereas it would be open to the public in court. Third, alternative dispute resolution allows you and your creditors to come up with a solution that works for everyone and may help you resolve your debt issues without further harassment or stress. To learn more about how our office can help with alternative dispute resolution, contact us now.
Talk to Our Office Now
At Cornwell Law Firm in Duluth, our experienced Georgia debt lawyers are here to help. Call the office or contact us today to speak with one of our knowledgeable and compassionate attorneys about your case and schedule a consultation.
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