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.
Other Alternatives
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.