When an individual or family is facing a financial crisis, one of the first sacrifices is usually the repayment of unsecured debts in Lithonia. If the idea of skipping out on unsecured debts is unacceptable, especially if there is a large chance that a creditor may take legal action in order to collect, then dealing with this particular financial situation is preferred rather than ignoring it.
Alternatives to Bankruptcy
There are many ways that an individual can deal with an inability to repay unsecured debts. In many cases, someone facing this particular dilemma may want to speak with an attorney, more pointedly, a bankruptcy attorney. This doesn’t necessarily mean that a person is going to file for bankruptcy, but bankruptcy attorneys can help people find alternatives to bankruptcy so they can handle issues with an inability to repay unsecured debts.
Negotiating with Creditors
One option is having an attorney try to renegotiate payment structures or interest rates in order to pay unsecured debts in Lithonia in a way that is fair to their clients and the creditors. Another option is for a bankruptcy attorney to help their clients secure a debt consolidation loan. This could not only reduce interest rates, but it could pare down multiple unsecured debt payments each month to one simple monthly payment.
Credit Counseling
Bankruptcy attorneys may also suggest their clients go through credit counseling. This counseling helps people deal with outstanding unsecured debts and it can teach individuals and couples better habits when it comes to using credit in the future.
When All Other Options Have Failed
There are times where a person can’t afford to repay their unsecured debts, even with a restructuring agreement. In addition, these people may not have the credit score necessary to secure a debt consolidation. In these situations, bankruptcy may be the only option available.
If you’re dealing with unsecured debts but you’re not sure if you’re ready for bankruptcy, it may be time to talk to attorneys like the ones at website. With the alternatives available, you may be able to find the necessary resources to successfully manage and repay all your outstanding unsecured debts.
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