When your debt starts to feel like it is out of control, there are things you can do to make your loans and credit card payments not seem so overwhelming. In the guide below, we will walk you through ways to manage and reduce your debts and show you how an experienced Georgia debt management attorney can help you through this process.
What Can You Do To Get Out of Debt
If you are looking for ways to get out of debt in Georgia, there are numerous options that can help you out, including bankruptcy, a debt management program that can reduce interest rates on your debt, a debt settlement that can lower the total amount owed, a debt consolidation loan, and a nonprofit debt settlement. Yet, to know which option may be the better avenue for you, it is important to understand each of these plans.
Debt Consolation
Debt consolidation is a type of debt refinancing that allows an individual to take out one loan to pay off many of their other loans. Yet, while this option is a good way for individuals to address high consumer debt, it is important to avoid high-interest consolidation loans, as they will not help you save money in the long run.
Debt Settlement
Debt settlement refers to the process of negotiating and settling your debt for less than what is owed by promising you will pay this new amount in full once the negotiations are complete.
Yet, before pursuing a debt settlement, consider speaking with an experienced Georgia debt management lawyer. These attorneys can not only help you get a better offer, ultimately saving you more money, but they can also help you avoid some of the risks involved with this process.
Chapter 7 and Chapter 13 Bankruptcy
While bankruptcy is a way to eliminate or help reduce your debts when you cannot repay them, this option should not be taken lightly. In truth, it should be viewed as the last resort. However, when individuals decide that this is the only way to help with their financial issues, they may be able to proceed with bankruptcy by filing one of the following:
- Chapter 7 Bankruptcy is typically known as liquidation bankruptcy, which involves selling property to pay off debts.
- Chapter 13 Bankruptcy is a reorganization bankruptcy that allows you to keep your property if you successfully complete a court-mandated repayment plan.
However, before pursuing bankruptcy, consider reviewing this option with an experienced Georgia debt management attorney. These legal professionals can review your circumstances, figure out if you qualify for bankruptcy, and determine whether there are other ways to reduce your debt that can work better for you.
Are You in Debt? Contact a Georgia Debt Management Attorney Today To Get Help With Your Debt Management
If you have gone through some hardships that impacted your overall finances and payment ability, the Law Firm of Duncan & Brow. is here to help. With over 30 years of experience helping residents in Georgia with debt management cases, we are prepared to take on these financial issues and assist you in getting back on your feet.
Contact us today for further information regarding our services, or call us at 706-755-2928.
