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Debt Help

The type of assistance you require will depend mostly on the type of accounts you owe and your specific situation. For credit card debt and other unsecured bills like collection accounts, personal loans, and hospital bills, you can choose from the following options:

Debt Consolidation Programs

Also known as credit counseling, these are payment plans typically offered by non-profit agencies that aim to lower your interest rates and have you debt free in four to six years. As an initial first step, your counselor will do a budget analysis and determine whether your can your debts back yourself or if a debt management plan (DMP) is more appropriate for your situation. Simply fill out a form now for a free consultation!

Debt Relief Companies

Another option that is available for people is debt settlement. These services aim to settle your debts for less than you owe and when successfully completed, it is possible to get out of debt in as little as 12 to 36 months. The savings potential in debt settlement is more substantial than credit counseling, but there are other risks associated with this option, such as a likely credit score hit and the potential that one or more of your accounts won’t settle. To speak with someone more about this option, submit a form now! Get absolutely free and useful advice today!

Filing Bankruptcy

A last resort for many consumers, bankruptcy is certainly an option. Keep in my mind, however, that Chapter 7 bankruptcy stays on your credit for at least 10 years, and although Chapter 13 only stays on your credit for seven years, you still have to pay at least part of the debt back to your creditors. The advantage with filing bankruptcy of course is that you can eliminate your debt completely and for less than your other options for debt help.

Debt Consolidation Loans

With this option, you take out a loan, presumably at a lesser interest rate, to pay off all your other bills. Usually consolidation loans are taken out against some piece of property, most often your home, through a mortgage refinance or home equity loan, but there are unsecured consolidation loans, although they typically come with a higher interest rate.

Get Out of Debt Yourself

Getting out of debt on your own involves preparing a budget, setting a goal or timeline for when you would like to be debt free, and then making the necessary sacrifices to ensure it actually happens. For those who have manageable debt loads, but just need to be better disciplined about paying off their credit cards, doing it yourself is always the advisable solution.

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Should You File Bankruptcy Yourself

Should you file for bankruptcy yourself? When pondering the question some point to the old saying, “he who represents himself has a fool for a lawyer.” Read More >>

Avoid Bankruptcy for Credit Cards

Consumers who have gotten in over their heads from credit card debt feel that bankruptcy is the only solution. Bankruptcy can damage your financial future and should be a last option to eliminate debt.   The steps to avoiding bankruptcy usually boil down to a change in spending behaviors.  Start today by taking control of your finances. Read More >>

Bankruptcy Debt Discharge

The most common form of bankruptcy is Chapter 7. Bankruptcy debt discharge is essentially when the court officially releases a debtor of being held personally liable to repay debts incurred prior to filing bankruptcy. This occurs within a certain time frame following bankruptcy proceedings.  Not all debts will be discharged so it is wise to know in advance which types of debts you the debtor are still held personally and legally accountable for. Whether or not your bankruptcy debts are discharged also depends on if you’ve been through bankruptcy previously. Read More >>

Unsecured Creditors and Bankruptcy

Dealing with bankruptcy can be frightening event.  Bankruptcy is meant to give a fresh economic ‘leg-up’ to people who have made some financial errors.  There are two basic types of bankruptcy, Chapter 7, total discharge of debt, and Chapter 13, a reorganization of debt.  There are rules for filing for bankruptcy and conditions must be followed. Read More >>