Consolidating your Debts
Getting into debt can have far-reaching consequences, including the legal problems that occur when you can no longer pay your bills. Initially, a creditor will try to recover any money that is owed through repeated phone calls and letters. Eventually they will take a more aggressive stance, such as filing a lawsuit or seeking foreclosure and repossession. If a judgment is entered against you in a lawsuit, your wages can be garnished and any bank accounts could be accessed for payment. If you are overwhelmed by debts, addressing your financial situation as quickly as possible is an urgent matter. Debt consolidation, which involves acquiring a single large loan to pay off smaller debts, is one way to get on top of your financial dilemma. Most consolidation loans are secured, usually by refinancing your home. You can also consolidate your debts by transferring them to a credit card with low interest.
Some of the advantages of debt consolidation include:
- Only having to make one payment each month
- Eliminating past due bills
- Paying an interest rate than your current credit cards
Debt consolidation is also a way to get around filing for bankruptcy. The best person to speak with regarding debt consolidation is a bankruptcy lawyer. Not only will you get useful information on the consolidation process, but assistance in choosing the right debt remedy.
Financial problems can cause considerable anxiety and make it difficult to plan for the future. Dodge & Vega, PLC can help eliminate your financial worries with sound legal advice and debt relief help. We are a respected bankruptcy law firm that is committed to your financial well-being, and will use our extensive knowledge to improve your financial condition. Our clients include individuals, families and business owners who are looking for a way out of debt. After reviewing your financial situation, we will develop an effective strategy to help you achieve a debt-free life. Our attorneys and support staff are fluent in several foreign languages, and are ready to assist you in any way they can.