If you’re looking at solutions to mounting debt, consider OBryan Law Offices for affordable strategies to help you get out from under the burden of debt. OBryan Law helps local residents file for Chapter 13 bankruptcy as a better alternative to debt consolidation in Frankfurt. If you’d like to learn more about how Chapter 13 can eliminate the stress of debt, feel free to check out the free resources available on the OBryan Law Offices website.
Chapter 13 is a better option than debt consolidation for Frankfurt residents.
Debt consolidation works on the premise that the debtor will be able to find a creditor willing to make a new loan at a better interest rate than what is currently being paid; unfortunately, that’s not always the case. When everything goes as expected, debt consolidation in Frankfurt is a great tool toward paying down debt at a high rate of interest. For most people, however, traditional debt consolidation is not always an option. Chapter 13 bankruptcy offers numerous advantages over debt consolidation.
After filing chapter 13 bankruptcy, you’ll have a 3-5 year period of protection from existing creditors as you work to pay off your debt, which is typically a reduction of the original debt. Negotiations with the creditors usually results in a lower rate of interest to allow you to pay off not just the interest, but the balance as well, so that both parties will see a successful result. Since creditors are legally not allowed to harass you, those collections calls will come to a stop.
One huge advantage to filing Chapter 13 bankruptcy over opting for a traditional debt consolidation is that a private consolidation company has no real power to negotiate on your behalf. The creditors don’t legally have to do anything the company requests of them. This is in stark contrast to filing for Chapter 13 bankruptcy, because the Bankruptcy Court does have legal authority to reduce debt. Once a lawyer files for bankruptcy on your behalf, creditors are required to participate if they want to secure the option of being paid on the debt. Failure to cooperate will result in the entire debt being forgiven, so it’s in their best interest to reduce interest and help you pay off the debt.
If you’re thinking about debt consolidation in Frankfort and would like to speak with an attorney about your options, feel free to call OBryan Law Offices at 502-400-4020 to schedule your free consultation. You can also use the free resources on the OBryan Law website to learn how Chapter 13 bankruptcy law can get you out of debt and help you build a brighter financial future.
Bankruptcy is not about being irresponsible on your existing debt- it’s about doing what’s most responsible and paying off your debt in a way that works better for your finances. If you’re trying to pay off debt at an interest rate that keep you from making any headway on the balance, Chapter 13 might be the perfect solution.Debt Consolidation Frankfort
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