Wouldn’t it be nice to have a clear financial future? Individuals who are facing a mountain of debt often dream of the day when they don’t owe anyone money. However, this day may be so far away that they feel it will never come. There are ways a person can get out from under overwhelming debt, and a Bankruptcy Lawyer In Olympia WA can help a debtor find the one that best meets his or her needs.
Debt Settlement
One option debtors have is to contact their creditors and see if they can either work out a payment arrangement or negotiate an agreement to pay less than what is owed on the debt and have it marked as paid in full. Some debtors choose to take this task on without assistance while others prefer to have someone negotiate on their behalf. The bankruptcy attorney may be able to assist with this task, and a person cannot know if they don’t ask.
Debt Consolidation
Another option is to obtain a loan that will cover all debts owed. The benefit of choosing this option is the debtor only has one bill to pay each month, and the interest rate often drops when the debts are consolidated. However, a person must take care when consolidating debt. He or she cannot take on new debt until this loan is paid off or a similar situation may arise. If new debt is accumulated, he or she might be in a similar situation again in the very near future.
Bankruptcy
While it is true bankruptcy can be of great help in eliminating overwhelming debt, people need to recognize it does not wipe away all debt. For example, student loans and unpaid child support are not erased when a person files for bankruptcy. For this reason, people need to understand what type of debt they have and speak to a bankruptcy attorney to determine if it qualifies for relief using bankruptcy. With this information, it’s easier to determine if this is the right debt relief option for their needs.
Contact a Bankruptcy Lawyer In Olympia WA today to learn more about each debt relief option. The attorney explains the benefits and drawbacks of each and how they relate to the debtor’s unique situation. People need to be informed when it comes to their finances, and the attorney ensures they are in this situation. Contact one today for help.
