There are many options for finding debt relief. Contact the attorneys of the Morrison Law Group for a free consultation to learn more about these options, including bankruptcy. We can help you find debt relief and get a fresh start. But, like any debt relief solution, the following alternatives are not for everyone. Call the Morrison Law Group today to find out which may be best for your unique, personal situation.
Here are The Options For Finding Debt Relief
*Debt Settlement
Debt settlement often allows you to settle your debts for less than the full amount that is due. Most debt settlement programs operate by setting aside money for negotiation purposes, then making settlement offers for each debt, one at a time. If you choose to enter a debt settlement program, the debt settlement company will handle all negotiations on your behalf. The length of time that it takes to complete a debt settlement program depends on the amount of cash that you have available. If you have a significant amount of cash to settle, the negotiation process can begin immediately.
*Debt Consolidation
Debt consolidation involves combining multiple debts into one obligation. Debt consolidation involves taking out a new loan. It is no different than refinancing your existing debts. Often, the monthly payment of any consolidation of your debts is lower than the combined payments of the separate debts. Also, loan provisions such as interest rate and the length of the payment term may be more favorable.
*Debt Management
A debt management plan, or DMP, involves working with an agency that will consolidate all your debt payments. The agency will also negotiate with creditors to get new and better terms to allow you to repay the debt more quickly. If you are current on your DMP payments, you never have to be concerned about late fees, collection calls, or any of the other types of stress caused by your unpaid debts. Because a debt management plan evolves around your specific debts and income, there is no typical, standard plan length. Many credit counseling agencies offer debt management plans.
*Chapter 7 Bankruptcy
Formally known as a liquidation, a Chapter 7 bankruptcy can provide the fastest form of debt relief through a bankruptcy filing. Chapter 7 bankruptcy can help you eliminate debts, including credit card debt, medical debt, car loans, and payday loans. In the vast majority of Chapter 7 bankruptcy cases, filers keep all of their real and personal property assets.
*Chapter 13 Bankruptcy
Formally known as a reorganization, a Chapter 13 bankruptcy case lasts for 3 to 5 years and involves a repayment plan, which allows you to pay some or all of your debts over the length of the plan. You must make monthly payments under this repayment plan to successfully complete your case and receive a full discharge. Thus, anyone who wishes to take advantage of the benefits of filing a Chapter case must show that he or she has sufficient income to make the required plan payments for the duration of the Chapter 13 case.
There are risks and disadvantages to each type of debt, depending on your personal circumstances Call the Morrison Law Group today to learn more about these debt relief options. We strive for complete client satisfaction. We provide excellent service during your bankruptcy case, as well as after your bankruptcy case is over. Not all Utah Bankruptcy attorneys can make this statement, but the Morrison Law Group is not like other Utah bankruptcy law firms. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, Orem, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.
