In Deep Debt? Know Your Options
Many people today are finding themselves knee deep in debt with no end in sight. You might have mounting credit card bills, medical expenses or numerous personal loans. If you have debt problems, you need to find an experienced debt lawyer to inform you of your options. Debt recovery takes time, patience and a strong determination; but it can be done.
Debt consolidation will allow you to combine all of your loans into one single loan. You will only have one payment, and the interest rate will be lower. Because the payment period will be extended, your overall monthly payment will be lower. Debts that can be consolidated include medical bills, student loans, credit card debt, taxes and personal loans. Normally, any unsecured debt can be consolidated. An attorney can help you understand the laws in Australia, so you can know your rights.
When you are having difficulties paying your bills, you could also try debt settlement. With debt settlement, you can negotiate to pay only a portion of your balance. The creditors are willing to settle because they want to make sure they receive at least some payment. Debt settlement often involves one lump sum payment; however, in some cases, your creditor will agree to let you make payments. This is a good option if you are way behind on your payments. A lawyer can help you with the negotiating process to get out of debt as quickly as possible. You can then concentrate on raising your credit score.
As a last resort, some people are forced to declare bankruptcy. In Australia, a creditor can request that you file for bankruptcy if you do not make your payments. When declaring bankruptcy, you need to make a list of each creditor and how much you owe them. You also need to write down any assets that you have and contact an insolvency practitioner. Insolvency practitioners act as bankruptcy trustees for your case. You will want to have a bankruptcy lawyer to help you with the process. Once your claim is processed, you will receive a bankruptcy number. Bankruptcy will be listed on your credit report for at least seven years.
Having a significant amount of debt is a stressful experience. Total debt recovery requires patience, diligence and a strong determination. Therefore, find a lawyer to help you get out of debt, so you can look to a bright financial future.
About the Author
John Greyson is one of the most knowledgeable guys in town, he knows everything you need to learn about business and law. Stay tuned for more of his practical tips and legal advices about debt recovery, visit http://www.redchip.com.au/services/debt-recovery/ .
Tell others about
this page:
Comments? Questions? Email Here