Are you overwhelmed by debt? No matter how careful you are with finances, life circumstances can lead you to a place of substantial financial trouble. How can you end the cycle? If you find yourself in debt and are harassed by aggressive debt collectors, you have options.
Pay Off the Debt
One way to get rid of credit card debt is to pay it off, but when you can only afford monthly minimum payments, it can take decades to pay off the debt.
File for Bankruptcy
Some people choose to file for bankruptcy in order to erase credit card debt. For those who qualify for Chapter 7 and who do not have concerns about the public nature of bankruptcy, it can be the right choice. Chapter 13 bankruptcy can take up to five years before being debt-free, and the effects of bankruptcy last even longer.
Consolidate Your Debt
Many people are opting to consolidate their debts by putting them all into one package with one monthly payment. This may or may not lower the amount owed. It also does not stop credit card companies from filing lawsuits.
Hire an Attorney
An attorney can review each contract in order determine what your responsibilities and rights are. Then they can negotiate with creditors to lower the amount of your debt so you can pay it off with a monthly payment that fits your budget. In many instances, misrepresentations were made and financial institutions have serious problems providing admissible evidence relating to business records created by third party debt buyers. Furthermore, during the process of validating debt, creditors may violate numerous federal consumer statutes.
Wiley Legal, PLLC can provide you with options for debt defense and assistance with a potential lawsuit. Our main goal is to uphold our clients' consumer rights.