Plantation Debt Consolidation Lawyer
Are you having trouble making your mortgage payments? Did a medical emergency drain your bank account? Is your credit card debt balance not going down despite paying all you can each month? If so, you are not alone. Hundreds of thousands of people in Florida face overwhelming financial problems each year. Many of them turn to debt consolidation agencies (also known as “debt relief” agencies) for help.
From four office locations in Fort Lauderdale, Miami, Boca Raton and Jupiter, the law firm of Nowack & Olson, PLLC help people just like you overcome debt problems. Call our Plantation debt consolidation lawyers today at 888-813-4737 from anywhere in South Florida to learn about your options.
Is Debt Consolidation Your Best Option?
Many people believe that debt consolidators can help them manage their debts. However, the opposite may be true. You may end up with more debt than you began with.
Using a debt consolidation company is typically your most expensive option for a number of reasons:
- You may end up with the same amount of debt, plus the late fees and interest you are charged while the company negotiated with each of your creditors.
- Rather than paying off your debts in small chunks as you are able, you may end up with one very large monthly payment that you cannot afford.
- The company will charge a fee that is as much as 25 percent of the total debt you ultimately pay.
- The IRS may count the reduced debt as income that is taxable.
It can be dangerous to consolidate your debt by refinancing your home. If you fall behind, you may lose your home. If you consolidated your debt by securing it to a life insurance policy or a retirement account, those assets may not be available when you or your family need them most.
Other Options That May Be Better For You
Debt consolidation is not your only option for stopping creditor calls, wage garnishments and foreclosure. Before calling a debt relief agency, learn about your alternatives such as:
- Debt reorganization: A Chapter 13 bankruptcy allows you to reorganize your debt load, and pay it off over time in a way that is manageable. A reorganization works by reducing the amount you owe on your secured debts, leaving you with more manageable monthly payments. This allows you to keep your assets such as your home and your car.
- Debt settlement: You may be able to erase all or most of your debt and start fresh with a Chapter 7 bankruptcy. While this type of bankruptcy liquidates your assets to pay off your creditors, you are left with a clean slate and an opportunity to start again.
There are many different paths you can take to gain financial freedom. The choice is yours. Learn about your options by sending us an email or by calling us toll free at 888-813-4737 to schedule your free, 60-minute consultation with a debt relief lawyer. Our Plantation debt consolidation lawyers have more than 40 years of combined experience helping individuals and families consolidate, reorganize and erase debts.