Know your options. Don’t let overwhelming options hold you back from getting your life back on track.

Know Your Options to Resolve Debt Problems

You need to know your options now that you’ve decided to resolve your debt problems. But, now what? When you attend the initial consultation with Jennie Patton, she will make sure that you know and understand all available alternatives. Jennie will help you identify the pros and cons of each option. She will provide you with a solid understanding of your financial situation. Most of all, she will help you choose the best path forward. Jennie Patton can help you get your life back on track.

You can stop the harassing phone calls from debt collectors. Know your options.

Stop Harassing Phone Calls and Letters

One of the immediate benefits of filing for bankruptcy is that it will stop harassing phone calls and letters from creditors. This automatic stay can provide significant relief and peace of mind as you work through your financial issues. Once you file, creditors are legally required to cease all collection activities, which means no more threatening calls, letters, or lawsuits. This gives you the breathing room needed to focus on restructuring your finances without constant pressure.

Jennie can help you reclaim control of your financial situation if you live in Western Washington.

Know Your Options: Bankruptcy Alternatives in Washington State

However, before you file, you should know your options. Jennie Patton can help you learn more about common ways to obtain relief from overwhelming debt including debt consolidation, debt settlement, loan modification, and filing for bankruptcy. Each of these options has its own set of benefits and considerations. A professional like Jennie can help you understand the options and guide you to a solution that is right for you.

Debt Consolidation

Debt consolidation takes your total debt and combines it into one lump sum with a new repayment plan. This is usually accomplished by taking out a larger loan to pay off some or all of your other debts. Making your debts more manageable, debt consolidation can often lower interest rates. Debt consolidation simplifies your payments. As a result, you will have to keep track of only one monthly payment instead of multiple. Additionally, a lower interest rate can save you money over time. It is an option that may make it easier to pay off your debt faster.

Debt Settlement

Debt settlement involves contacting creditors and negotiating a settlement on the amount of debt that you owe. Some creditors will work with you and settle for an amount lower than what you owe. This option is most often used to resolve unsecured debts, such as credit card debt or medical bills. As a result, this can significantly reduce the total amount you owe. However, you should know that it may impact your credit score, and may have tax implications. Sometimes forgiven debt is considered taxable income.

Loan Modification

Loan modification creates a new agreement modifying the terms of a loan to better fit your budget. This usually involves a lower payment, a lower interest rate, increased time to repay, or all of the above. Sometimes lenders will work with you to restructure the debt instead of taking legal action to collect the collateral being used to secure a loan. This option is particularly useful for homeowners struggling to keep up with mortgage payments, as it can prevent foreclosure and allow you to stay in your home.

Filing for Bankruptcy

A final option to consider is to file for bankruptcy. But it is by no means a last resort. Filing for bankruptcy will stop harassing phone calls and letters. It will stop foreclosure proceedings and can either restructure or eliminate certain types of debt. There are different types of bankruptcy, such as Chapter 7 and Chapter 13, each with its own eligibility requirements and implications.

Chapter 7 bankruptcy can discharge most of your unsecured debts, giving you a fresh start. Whereas, Chapter 13 bankruptcy allows you to keep your property and repay your debts over a three-to-five-year period.

Consulting with Jennie Patton will help you know your options and determine which type of bankruptcy is right for you.

Overwhelming Debt: Seek Professional Advice and Know Your Options

Whatever option you choose, keep in mind that each comes with its inherent risks. Seeking advice from a qualified professional not only makes sense, but it can also save you a lot of time, money, and unnecessary hassle. Jennie Patton can help you navigate the complexities of each option, ensuring that you make informed decisions that align with your financial goals and circumstances.

Emotional and Practical Support

Jennie understands that dealing with your debt is not easy. It can be incredibly frustrating and emotionally exhausting. She also understands it is human nature to avoid things that are unpleasant, stressful, or overwhelming. Meanwhile, debt usually does not resolve itself. You can seek assistance and guidance through the process. Jennie offers compassionate support and practical solutions, helping you regain control of your finances and move towards a more secure financial future.

By knowing your options and seeking professional advice, you can find the best solution to manage and resolve your debt problems effectively. Taking the first step towards addressing your debt can be daunting, but with Jennie, you will have the support and knowledge of an attorney who knows bankruptcy. With thirty years of legal experience in Washington, she will provide you with the support and information you need to achieve financial stability and peace of mind.

Call our office or use the Contact Us form to request your initial consultation with Jennie Patton.