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When you are overwhelmed by debt, you may start to wonder if declaring bankruptcy or pursuing debtconsolidation is the better option. Understanding the key aspects of each can help you determine what is better, bankruptcy or debtconsolidation, for your situation. The court reviews your finances to prevent fraud.
If no one is able to pay off the loan, the lender may repossess it. CreditCardDebt . Joint creditcarddebt passes straight to the other borrower. Creditcards with authorized users on them are different, however—unlike cosigners, authorized users aren’t responsible for debts.
Without having to repay it later, you may immediately begin rebuilding your credit. . If you have a large amount of creditcarddebt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . The Majority of Unsecured Debts.
Protect secured debt (home and car) from default to avoid a repossession or foreclosure. Negotiate unsecured debt (creditcards) if you are unable to keep up with payments. We work with consumers seeking debtconsolidation loans, or who may be considering options like debt negotiation or bankruptcy.
. “Take a look at your credit report and figure out where things went wrong. Did you build up too much creditcarddebt? Did you have something repossessed or foreclosed? This is a loan that will get all of your outstanding debts in one place, at an interest rate that will be easier to pay.
Types of personal loans include: Installment Plan Payday Peer-to-Peer Lending Cosigner /Guarantor DebtConsolidation Variable Rate Fixed Rate During your bankruptcy proceeding, at least a portion of these loans will be discharged, whether you borrowed from brick-and-mortar or online lenders.
Deferring your auto payments may put you at risk for repossession if your lender requires you to catchup and make all deferred payments at the end of the deferral period. Titan Consulting Group helps consumers evaluate various debt relief options and choose the right program that best fits their short-term and long-term financial goals.
Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. Dischargeable debts are those that can be eliminated through bankruptcy. Repossessions are pending.
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