Getting Out of Debt is Possible

If you’ve been letting the mail pile up because you can’t bear to see one more bill, you aren’t doing yourself any favors. Instead, working with the knowledgeable debt relief and bankruptcy attorneys at The Law Office of Julia Kefalinos can help you reduce or eliminate debt you’ve accumulated related to credit cards, your mortgage, and more. To be clear, it took some time to accumulate your debt, and it will take time to clean it up, as well. Anyone who promises you a quick and easy fix is probably not being straight with you. Here are some very real steps you should consider:

Steps to Take 

There are things you can and should do to improve your financial situation if you are feeling overwhelmed by debt:

• Organize your bills so you know exactly how much you make and how much you owe, and to whom.
  • Gather any bills you have (car payments, rent, insurance, utilities, etc.) and your pay stubs.
  • Organize receipts from monthly spending for groceries, transportation, entertainment, and so forth.
• Create a budget by cutting out non-essential spending.
  • Total up your earnings and then subtract your expenses. Look for places to make cuts.
• Contact creditors if you are behind on payments to see if they will work with you on settling your debt. It’s always better to call them yourself before they hire a debt collector.
• If you are having trouble making mortgage payments, contact your lender before they foreclose on you! It’s possible you can extend the length of the loan with lower payment requirements, or have payments reduced or even suspended for a while. But be cognizant of any extra fees associated with these steps.
• Avoid debt-relief scams that make absurd claims:
  • They make guarantees that they can take care of all of your financial problems, often without even reviewing your finances;
  • There’s a new “government program” that they say will solve everything;
  • They say they can put an end to debt collectors bugging you and filing lawsuits against you.
• Consider filing for bankruptcy. Qualified applicants will have some or all of their debt discharged by a court:
  • You will have to choose between Chapter 7 and Chapter 13. The former means your property is liquidated in order to pay off creditors, with some exemptions. The latter allows you to keep your property and arranges a repayment plan that gives you three to five years to repay some debt, at the end of which the rest of the debt is discharged.
  • Be clear about what debt will not be addressed in your bankruptcy plan, including child support and alimony, most student loans, and tax debt.

Honest, Frank Financial Help 

The experienced, empathetic Miami bankruptcy and debt relief attorneys at the Law Office of Julia Kefalinos know how frustrating overwhelming debt can be. We can help you assess your situation and offer workable solutions that meet your goals. To discuss, schedule a confidential consultation in our Miami office today.

Source:

consumer.ftc.gov/articles/how-get-out-debt