Consolidating debt pros and cons

Posted by / 14-Nov-2020 05:53

Once the bankruptcy is filed, a “stay” in enacted which keeps your creditors from suing you, repossessing or foreclosing on your property, or taking further legal action against you.

Your monthly payment is only slightly lower than before entering debt consolidation.Bankruptcy is viable option when a fresh start is needed.Depending on the individual’s circumstances, bankruptcy can provide a repayment plan, a Chapter 13, or a debt elimination plan, a Chapter 7.When you contact us for a free counseling session, you’ll talk to certified and highly trained credit counselors who can help you get a clear picture of your finances.They’ll present you with a list of options for getting out of debt, based on your financial goals.

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Depending on your income and your personal situation, you may want or need to file a Chapter 13 bankruptcy which consolidates your debts.

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