You’ve made the decision that it is time resolve your debt problems. Now what?

Before you file for bankruptcy, it is a great idea to explore all options.  Attending an initial consultation with Jennie Patton will ensure that you are aware of all options. Jennie will help you identify the pros and cons of available options.

Common ways to obtain relief from overwhelming debt is through debt consolidation, debt settlement, loan modification, and filing for bankruptcy.

Debt consolidation takes your total debt and combines it into one lump sum with a new repayment plan. This is usually accomplished through taking out a larger loan to pay off some or all of your other debts in order to make them more manageable, often with a lower interest rate.

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 a lower amount than what was originally owed. Debt settlement is most often used to resolve unsecured debts.

Loan modification creates a new agreement modifying the terms of a loan to better fit the consumer’s budget. Usually, this 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.

A final option is to file for bankruptcy. Filing for bankruptcy will stop harassing phone calls and letters. It will stop foreclosure proceedings. It can either restructure or eliminate certain types of debt.

Whatever option you choose, you should keep in mind that each option comes with its own inherent risks. Seeking advice from a qualified professional not only makes sense, it can also save you a lot of time, money, and unnecessary hassle.

Jennie Patton 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 see assistance and guidance through the process.