Are you in debt and it makes you feel overwhelmed? Do you feel puzzled about what to do? Feel at a loss and don’t know how to resolve it?
This article has the answers. First of all, come down. There are many effective ways to get out of debt. First of all, it’s highly recommended to consult with a bankruptcy lawyer. Also, you can hire a top-rated debt settlement company like https://debtquest.com/options/debt-settlement/ to assist you.
Consult with a Bankruptcy Lawyer
You may think “Hey, money is my problem now. How am I going to find the money to pay a qualified attorney?” The truth is you can do it for free. In most cases, lawyers are willing to consult you for free. It’s easy. And it doesn’t take long to have a call. The major benefit of it is that you’ll discover your options once an attorney consults you.
You’re going to get big savings from going with a pro attorney at the deal with the debt for sure. For example, if you qualify for a chapter 7, which is the Fresh Start bankruptcy, and you can get your debt wiped out and not lose any of your property, then you would not want to go into a debt settlement or chapter 13.
So the first threshold conversation is about “Can I get my debt wiped down in chapter 7?” That’s the first thing to examine.
Debt Settlement or Bankruptcy?
It’s different than debt settlement because during the debt settlement you’re repaying creditors. You’re also repaying creditors in chapter 13. The difference between debt settlement in chapter 13 is that both paying creditors and debt settlement you’re doing it on our own terms rather than the court trying to figure out that your family has the ability to pay back this debt.
Essentially you’re doing the debt settlement on your own looking to repay creditors with settlements of a much lower percentage than the total balance. What would be the advantage of debt settlement and does it have less of an impact on your credit score?
It’s different for all folks. So let’s say you don’t qualify for chapter 7 because you make too much money. And then if you were to do chapter 13, you may end up repaying a hundred percent of your debt which sometimes is not a bad thing because you’re not repaying those interests.
There are folks out there that are just paying credit card payments right and in and they file chapter 13. And all the creditors get paid in full 100 percent but they still get out of debt quicker because you can’t get out of debt with the revolving interest rates that creditors charge you.
So you know the advantage to debt settlement is that you can pay less than you would in a chapter 13 right. So you can do debt settlement and pay back 50 percent of your debt rather than a hundred percent.
In this time of coronavirus layoffs, there is an increase in the number of people looking for a bankruptcy debt settlement.