Overall Debt Management Options

There are several options available when it comes to managing debt. Here we describe your various debt options ranging from home equity loans to Chapter 13 bankruptcy.

Home Equity Loans

• Plus:
  Maintains good credit
• Minus:
  Turns your unsecured debt into secured debt, meaning, if you now fail to pay, you could lose your home and bankruptcy may no longer be an option.

CCC Consumer Credit Counseling, often seen on TV

• Plus:
  One monthly payment
• Minus:
• Damages your credit
• Payment typically is what you are already paying
• The one monthly payment often causes habitual late fees to occur
• CCC has no knowledge what is actually owed on your account at any given time
• Many creditors won’t accept at all
• Creditors may accept, but won’t lower rates
• Can’t help with repossession balances, foreclosure balances, and often old utility bills

Debt Negotiation

• Plus:
• Fast, most effective way to get out of debt without filing bankruptcy
• Last defense before bankruptcy
• Debts are often settled for less
• Credit can be restored to an acceptable level upon completion
• Minus:
  Credit is damaged, but can be restored to an acceptable level upon completion

Chapter 7 Bankruptcy

• Plus:
• All unsecured debt is usually discharged
• May help keep your assets
• Minus:
  Credit is damaged for 7 years

Chapter 13 Bankruptcy

• Plus:
  May help keep your assets
• Minus:
  Ruins credit for 7 years past the last date of payment – maximum 12 years

As you can see, we have many debt relief options that can work well for you. While we do not offer debt consolidation options, we do provide you with loan and credit card debt options that can have a positive outcome on your financial situation. Please do not hesitate to contact us to review the various debt settlement options and to determine which is best for you to help you gain the financial freedom that you deserve. We look forward to hearing from you!