Bankruptcy is only one method of resolving your financial difficulties. The first step in getting control of your debt is to check in to all of the alternatives available to consumers in Ohio.
Some of these include:
- Doing your own negotiating with creditors
- Consolidation loans
- Credit counseling
Negotiation with your creditors can sometimes be successful. Your creditor may agree to a lower rate of interest, an extension of time to pay off the debt, or a lower pay off amount to settle the debt. After all, most creditors
Consolidation loan aren’t available to everyone. Your credit rating and availability of collateral are some of the qualifying factors to consider. If you are able to qualify for a loan large enough to pay off all of your debts you may end up with one monthly payment that is much less than the total of the monthly payments on your smaller debts.
Credit Counseling may be beneficial in addressing the spending habits that are sometimes the root cause of financial difficulty. However, this may not be helpful in the instance of medical expenses which are now the main cause of bankruptcy for individuals (NerdWallet Health, March 2014). For some, however, having a third party analyze your income and debt and help you negotiate with creditors may be enough to put you back on the road to financial success.
If none of these options seems right for you, or if you’re unclear about the best course of action, contact Chris Wesner Law Office (a Dayton, Ohio Bankruptcy Attorney) today for a free consultation. If you are buried in debt and feeling the daily stress of not being able to meet your obligations help is only a phone call away.