Mortgages, auto loans, student loans, credit card debt, personal loans – all these things can spiral out of control to the point where you’ll need an attorney in Raleigh to sort things out. If you move slowly though, these debts will continue dragging you down and will prevent you from actually doing something to lessen the debt.
So what are your options? Here are a few of the more reasonable ones to help clear some breathing room while you sort your finances out, and get relief from overwhelming debt:
Start with good old credit counseling
Credit counseling is a good place to start. These counselors know a lot of tricks to help you deal with debt by yourself, from crafting a budget that will slowly but surely repay your debts to introducing you to debt management programs where you deposit cash on a monthly basis while your creditors lower the interest or relax the payment schedules.
Settle your debts with your creditors
There are also debt settlement programs being run by private companies wherein they negotiate with your creditors to let you pay a lump sum to completely erase your debt just like that. Do make sure to shop around for reputable and reliable companies to work with. This agreement is based on a lot of trust since you’ll be depositing cash in an account – and it will be up to your creditors to make sure they hold up to their end of the bargain.
Declare bankruptcy to get a fresh start
And the last but not the least option is to seek the services of an attorney bankruptcy lawyer. Bankruptcy will allow you to erase your existing debt in exchange for taking a 10-year hit on your credit score. It is not a get-out-of-jail-free card, but at least you can focus on rebuilding your finances instead of having to fend off debt collectors all week long.