Debt Consolidation Lawyer
Do You Need Help with Debt Consolidation?
If you have many unsecured debts at high interest rates, debt consolidation may save you considerably in interest and simplify your payments. At Price Law Group, we can advise you on the desirability of debt consolidation for your particular debt situation and present you the various options. We urge you to contact a bankruptcy lawyer for assistance.
How Debt Consolidation Works
If you have many unsecured debts, you may be paying high interest rates and substantial billing charges. When all the payments are added the sum is oppressive. You seek relief by contacting a lender willing to loan you enough to pay off all of the debts with one low monthly payment. Ideally this new loan is at a lower interest rate than you were paying before and the lender does not insist on security. It is noted however that lender will often require security to be willing to do the loan. It is best not to agree to give security unless the consolidated loan is a considerably better deal than you had before and you are confident you can make the payments.
If you have but a couple loans, you may pursue debt negotiation. Here you stop making your monthly payments and save up money for several months. Then your attorney negotiates with the creditor to accept a lump sum payoff at 40% to 60% of the loan balance.
Another procedure similar to debt consolidation but under the bankruptcy court is Chapter 13 Bankruptcy. You agree to enter into a plan to pay off all of your debts over a three to five year period. You make one payment per month to the bankruptcy trustee who then divides it up between the creditors. While you make the payments, you may not be sued by creditors. Another advantage is that you pay no interest or penalties on unsecured debt. At the conclusion of your plan, any remaining unsecured debt is discharged by the court. We are here to help you resolve your debt situation.
Contact a Debt Consolidation Lawyer
at the firm for professional assistance with your debts.
Credit Counseling & Debtor Education