If you are struggling with debt, you may have already considered the options of credit consolidation and bankruptcy. Both concepts have advantages and disadvantages for the debtor; however, in most cases, one choice is better for you depending on your unique financial circumstances. An experienced Burlington County bankruptcy attorney can help you choose between credit consolidation vs. bankruptcy as a way to eliminate your debt and obtain relief from harassing debt collectors and threatening creditors.
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The Advantages and Disadvantages of Credit Consolidation
Depending on your financial situation, a credit consolidation may be able to help you resolve your debt problems. However, you must be careful of the risks you are taking when you decide to use credit consolidation as a means to get out of debt. An experienced South Jersey bankruptcy attorney can help you decide if this is the best option for you. Some things you may want to consider as you prepare to discuss this with an attorney are:
- Pro: Credit consolidation is not a legal proceeding – it will not be noted on your credit report like a bankruptcy.
- Pro: You are in control of working out payment options with each creditor so you can offer a lower amount to satisfy the debt.
- Pro: You will have one monthly payment rather than several monthly payments.
- Con: Creditors are not under legal obligation to accept your offer.
- Con: If you pay a reduced amount to the creditor, the remaining balance owed will be reported to the IRS and you must claim this as “income” on your tax return.
- Con: If you choose to obtain a secured debt consolidation loan, you will risk losing the collateral if you default on the loan (i.e. your home, your car, etc.).
Of course, bankruptcy also has its advantages and disadvantages such as:
- Pro: Creditors cannot “opt out” and choose not to be included in your bankruptcy.
- Pro: In a Chapter 7, most of your debts will be discharged without the need to make monthly payments.
- Pro: In a Chapter 13, you have one monthly payment; however, when you are finished, the remaining balances are discharged and the creditor can never collect them again.
- Pro: You will not be required to pay taxes on any debts that are discharged.
- Con: The bankruptcy will remain on your credit from 7 to 10 years. However, most individuals see improvements in their credit scores within one year after the case is closed.
- Con: Some debts are non-dischargeable (very few) and must still be paid after the bankruptcy case is completed.
Schedule a Free Consultation with an Experienced Mount Holly Bankruptcy Attorney
Deciding between credit consolidation and bankruptcy is a very serious decision. In order to make the decision that is in your best interest, you should consult with an experienced New Jersey bankruptcy attorney to discuss all of your legal options before deciding on the one that meets your needs.
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Travis J. Richards and his staff are here to assist you with your financial problems. We focus our services on bankruptcy, debt consolidation and credit repair. We offer free bankruptcy consultations during normal business hours as well as on weekends and after-hours.
Call our office in Mount Holly at 609-267-5297 or use our convenient online contact form to schedule an appointment today.
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