Alternative to Bankruptcy: Debt Consolidation —
Finding the right solution to your debt problems is important in order for you to regain control of your finances. Some attorneys will only advise you of your bankruptcy options; however, Travis J. Richards is interested in finding the best solution for your unique situation. Possible solutions may include filing for bankruptcy relief; however, debt consolidation can also be a viable option.
Before deciding whether debt consolidation is right for you, you should consult with an experienced New Jersey debt consolidation attorney. Your level of income, household expenses, and debts will determine if a debt consolidation loan is in your best interest. You should also understand the pros and cons of debt consolidation before making a final decision. In order to make an informed decision, we suggest that you schedule an appointment with Travis Richards to get answers to all of your debt consolidation questions.
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Two Forms Of Debt Consolidation: Unsecured and Secured
For most individuals, there are two types of debt consolidation loans. One is an unsecured loan that you obtain through a debt consolidation company. You pay one monthly payment to the debt consolidation company and the company takes care of paying your unsecured debts. There are several options for unsecured debt consolidation that we can discuss with you in detail during your consultation. In some cases, the debt consolidation company may be able to negotiate a lower payoff with your creditors to reduce the amount of debt that you owe.
A secured debt consolidation loan requires that you use the equity in property that you own, typically your home, to secure a loan. The debt consolidation company uses the proceeds of the loan to pay your debts in full so that you only have the one monthly payment to the debt consolidation company, rather than multiple payments to unsecured creditors. In some cases, you can lower the interest that you are paying for this debt as well as reduce your monthly debt payment.
With a secured consolidation loan, you must consider the risk of using the equity in your home as security for the new loan. If you are unable to make the payments on the loan or if the payments are late, you could lose your home. During your meeting with Travis Richards, he will discuss the benefits and the risks of a secured debt consolidation loan.
Schedule a Free Consultation with a Mount Holly Debt Consolidation Attorney
For some individuals, debt consolidation is an affordable solution to their debt problems and an alternative to filing bankruptcy. We can help you determine if a debt consolidation plan is the right choice for you. With our mix of bankruptcy, debt consolidation, and credit repair services, our firm is sure to find your best path out of debt.
We provide free consultations during regular business hours as well as on evenings and weekends. Call our office at 609-267-5297 or use our convenient online contact form to schedule an appointment today.