Lebanon, PA Debt Consolidation Attorney

In today’s economy, more people are struggling financially, and wages do not seem to go as far as they used to. Lots of people carry various debts, both big and small. Keeping up with all the payments can be overwhelming, and you might accidentally miss payments and fall behind. A debt consolidation loan might help you regain financial control, and our legal team can assist you.

You should talk to an attorney about debt consolidation if you have numerous debts, if keeping up with them has become difficult or impossible, and if a single, affordable monthly payment would be a big help to you. Generally, people consolidate debts by taking out a loan to pay off all their debts. Now, they only have one debt: the loan. This also means you have to worry about only one monthly payment, and keeping up with payments may be much easier. On top of all that, a debt consolidation loan with a low interest rate might end up saving you money in the long term.

Call (215) 701-6519 and speak to our debt consolidation attorneys at Young, Marr, Mallis & Associates to get a private review of your case for no charge.

When to Talk to a Lawyer About Debt Consolidation in Lebanon, PA

One of the biggest and most common mistakes people make is not speaking to an attorney about debt consolidation sooner. It is normal for people to keep trying to make things work on their own for as long as possible, but at some point, you have to know when to get help. Even if you are not sure your situation is too far gone, talk to a lawyer about debt consolidation.

A debt consolidation loan can help you if you have multiple debts, and keeping up with all of them is difficult. For example, you might be dealing with debt from credit cards, medical bills, overdue utilities, student loans, and more. While it is not unusual to have multiple debts, people often accidentally miss payments because they have too many to keep track of. Consolidating your debts may allow you to reduce your obligations to a single monthly payment.

You should also speak to our debt consolidation lawyers if your financial situation has changed recently. Maybe you lost your job and can no longer keep up with payments that were previously no problem. Maybe you were in an accident, and your hospital bills are so large that you cannot afford to pay for anything else. The sooner you get a lawyer to help you secure a debt consolidation loan, the sooner you can get your life back on track.

How Debt Consolidation Often Works in Lebanon, PA

In many cases, debt consolidation works by allowing people with debts to take out loans for the purpose of clearing those debts. Once that is done, the loan borrower has to repay only the loan rather than multiple debts for various creditors or lenders. While this effectively wipes out your existing debts, you are not debt free. The money you owe is now under the loan, and you must keep up with payments each month.

Debt consolidation loans can be helpful in several ways. First, by wiping out your other debts and leaving only the loan debt, you have reduced your obligations to only a single monthly payment. This is a lot easier to manage and keep up with than multiple debts from multiple creditors or lenders. If you struggle to make the minimum payment each month on many different debts, consolidating them under one loan where you make one, albeit larger, payment each month might be more feasible.

Second, debt consolidation loans can sometimes help people save money. If you can get a low interest rate on the loan, you might save money in the long run. This is especially important to consider for those whose debts include credit cards, student loans, or other lines of credit with interest rates. If your current interest rates for these debts are high, a debt consolidation loan might help you avoid paying more over time while also helping you clear your debts.

Alternatives to Debt Consolidation in Lebanon, PA

Debt consolidation can be a great solution for many people, but not everyone. If debt consolidation is not the right move for you, your attorney can help you explore other options for debt relief. One option is to file for bankruptcy. This can be an intimidating prospect, but bankruptcy helps thousands of people each year get out from under crippling debt.

Numerous bankruptcy chapters exist and serve a whole host of purposes and needs. For individuals filing for bankruptcy, Chapters 7 and 13 tend to be among the most popular choices. Under Chapter 7, your assets and properties may be seized by a bankruptcy trustee and sold off to help pay down debts. While this is often an uncomfortable process, it can help you get a fresh start. If you choose to file under Chapter 13, you would not risk losing assets to liquidation. Instead, you must stick to a strict payment plan for a number of years to pay down your debts.

Bankruptcy can be a great help. It can help you get control of your finances and pay off some debts. Other debts might not need to be paid at all. The court may discharge certain debts, like credit cards or medical bills, and you would no longer be liable for payment.

Bankruptcy is not an easy process, and you might deal with the consequences for a few years. Many people experience a major hit to their credit score, and securing future loans or financial opportunities might be difficult. However, many people recover in time and get their lives back on track.

Contact Our Lebanon, PA Debt Consolidation Attorneys for Assistance

Get a private review of your case for no charge by calling (215) 701-6519 and talking to our debt consolidation attorneys at Young, Marr, Mallis & Associates.