Viable Options for Debt Relief in Gainesville, GA

by | Mar 15, 2016 | Debt Relief

It’s not uncommon for people to find themselves swimming in an ocean of personal debt, and unfortunately, it won’t be long until that person begins to sink. In these instances, people often look for some sort of debt relief in Gainesville, GA. The good news is that there are a few different ways in which a person can find relief from the crippling debt that’s destroying their lives.

The first type of debt relief in Gainesville, GA is filing for bankruptcy. This isn’t the first solution when it comes to debt relief and it’s not something that should be entered into lightly. However, by filing for chapter 7 bankruptcy, which is the most common type, or for chapter 13, which is a court-ordered 3-to-5-year repayment plan, a person can begin to get a better hold on their finances. They can also learn important lessons and move forward in a more responsible way financially speaking. If a person is facing foreclosure, bankruptcies can help stop this process, giving the homeowner time to renegotiate with the bank to eliminate the possibility of foreclosure in the future.

The problem with bankruptcy is that it can cause a major hit to a person’s credit score. Bankruptcies can follow a person around from 7 to 10 years, depending on the derogatory remarks left on their credit report. To avoid this, some people look to debt consolidation loans. These loans can help pay off existing debt, boil multiple payments down into a singular payment and, in some situations, especially with high-interest rate credit cards, a person could potentially end up saving money in the long run.

There are other times where the services of an attorney found at website could be helpful in negotiating with existing creditors to help lower interest rates or to forgive a portion of the debt that they owe. There are also credit counseling agencies that can help with this as well.

The bottom line is that if you are having difficulty managing the debt that you have, collectors are calling, your house is on the verge of being foreclosed on and your life is too stressful for words, there are options. Whether it’s bankruptcy, consolidation loans or credit negotiations, there is light at the end of the tunnel.

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