Aston Debt Consolidation Lawyer

Debt consolidation may help those who have numerous debts and trouble making all the monthly payments. Instead of keeping track of numerous debts, the debt consolidation process may regroup everything under one debt and one monthly payment.

Debt consolidation typically involves taking out a new loan to pay off multiple debts. After that, your only debt is the loan. Debt consolidation may be a good choice if you are struggling to make monthly payments or are behind on payments. If this does not work for you, your lawyer can help you explore other legal options like bankruptcy.

Get a free initial case evaluation by calling Young, Marr, Mallis & Associates at (215) 701-6519 and talking to our debt consolidation attorneys.

How Debt Consolidation Might Help You in Aston

Debt consolidation typically involves taking out a new loan and using the funds to pay off your other debts. This does not erase those debts but puts them under one monthly payment on the loan instead of payments for each debt.

Debt consolidation loans can be helpful if you can get a good interest rate. Each of your individual debts might have its own interest rate to consider, and those rates might be high. A lower interest rate will save you money while paying off the debts.

You may also be able to work out an affordable monthly payment when you take out the loan. Struggling with multiple monthly payments is a big reason why many choose debt consolidation, but your loan should have one monthly payment you can actually afford.

Is Debt Consolidation a Good Choice for Me?

A debt consolidation loan should not be taken lightly. It may be a large sum of money that you must be able to repay. If you are struggling because you no longer have income or cannot work, a debt consolidation loan might not be ideal. However, if you have a steady income and can afford the monthly payments, a debt consolidation loan might be ideal.

Our debt consolidation lawyers will review your debts to determine if a loan will help you. Having debt is normal, and not everyone needs to consolidate their debt under a new loan. Instead, you might benefit from a stricter monthly budget, or you might have assets you can sell to pay your debts.

Debt consolidation may be a suitable option if you have already exhausted these alternatives.

Debt consolidation may also help if you have high interest rates. Keeping up with multiple payments is already hard, but situations are dire when your interest rates are so high that debt keeps growing despite regular payments.

Debt consolidation can help if you are missing payments and incurring expensive late fees while racking up interest.

How Our Aston Lawyers Can Help You Through the Debt Consolidation Process

Debt consolidation scams are common, but our lawyers can help you find a reputable loan service. Predatory lenders often rely on people being so desperate for help that they accept high interest rates and other terrible loan terms.

Your attorney can help you negotiate a low interest rate and an affordable monthly payment. Remember, a debt consolidation loan may be pointless if you cannot afford to make the monthly payments, or the interest accrues so quickly that you can never escape it.

Finally, your attorney can help you explore other legal options. While debt consolidation can be helpful for many, it is not necessary for everyone. Perhaps you can get your debts under control without a loan. Alternatively, maybe your finances are so far gone that you need a more aggressive strategy, like bankruptcy.

Other Legal Options

If a debt consolidation loan is not enough to solve your financial problems, you should speak to your attorney about whether filing for bankruptcy may be better. Bankruptcy is not a punishment, and it helps many Americans escape their debt, though it may come with some drawbacks.

Chapter 7 bankruptcy is a common option for individual bankruptcy and involves liquidating assets and properties. A court-appointed trustee may sell your home, vehicle, assets, and other properties to repay debts, according to 11 U.S.C. § 726(a).

Remaining eligible debts are discharged, and you are no longer responsible for paying them. Chapter 7 bankruptcy is relatively quick, usually taking a few short months.

Chapter 13 is the common alternative to liquidation. Instead, you develop an aggressive yet realistic payment plan under § 1322(a) to repay your debts. This is often a good option for those with a steady income.

If you keep up with your payment plan, you do not have to keep assets and property like your home and car.

How to Prepare for Debt Consolidation in Aston

Preparing for a debt consolidation loan is a bit more complicated than a quick trip to the bank. Before getting started, we need to gather various financial information and details about your debts.

First, you must gather financial records to give us a complete picture of your financial status. This includes information about any money you have in the bank, investments, and valuable assets. You should also collect records of all your existing debts. Every credit card, loan, and outstanding balance must be accounted for so that you can get a loan that sufficiently consolidates everything together.

Next, you need to gather information about your income and savings to develop a budget and payment plan. If you have very little saved in the bank, which is a common problem for those in serious debt, you may need to develop a much stricter budget so that you can keep up with payments on your new debt consolidation loan.

Finally, speak to an attorney about your financial options before applying for any debt consolidation loan. Your attorney should help you identify a good loan service provider and help you negotiate for a lower interest rate so you can save money in the long term. Additionally, your lawyer may review various other legal options, like bankruptcy, with you before finalizing your plans for debt consolidation.

Contact Our Aston Debt Consolidation Attorneys for Assistance

Get a free initial case evaluation by calling Young, Marr, Mallis & Associates at (215) 701-6519 and talking to our debt consolidation attorneys.