There are many times when people may run into financial downfalls due to unexpected situations that arise, such as medical emergencies, the loss of a job, a natural disaster, or identity theft. There are also times when someone may be living paycheck to paycheck but have expenses related to childcare or mortgages that lead to excessive credit card debt. Whatever the situation may be, it is important to seek out debt relief options if you are finding yourself falling behind in payments.
Many options for debt relief are available to you depending on your specific financial situation including:
- Filing for bankruptcy
- Lowering interest rates on the current loans you have
- Having your debt dismissed for a lower lump-sum payment
- Extending your period for repayment
- Lowering monthly payment amounts
- Reducing your overall loan amount
If you can adjust your budget and start paying off your debt, then you should start with this route. However, if you are feeling as though you are drowning in debt and unable to get caught up, it is time to start looking into your debt relief options.
Filing Bankruptcy
One way in which you can achieve debt relief is to file for bankruptcy. The first step would be to consult with a reputable debt relief law firm to see if it is the right time for you to file for bankruptcy. Then, if it is the right time for you to file, you will want to find out which chapter of bankruptcy is the right chapter for you to file under based on your specific circumstances. There are three common types of bankruptcy to file under which are Chapter 7, Chapter 13, and Chapter 11.
Debt Management Plans
Another way in which you can achieve debt relief is to find a debt management plan that works for you. Your debt relief attorney will be able to advise on the best avenue to pursue to start getting rid of your debt today. There are many different ways to re-negotiate your debt and your payment terms to better fit your financial picture, and your debt relief lawyers can help you find the best possible solution for you.
Contact Our Westchester Debt Defense Attorneys
Our team of experts at Loan Lawyers has over 100 years of combined experience and we are fully dedicated to helping our clients with custom debt solutions. Contact us and request a consultation with our Fort Lauderdale debt defense lawyer for more information.
