How To Resolve Your Debt Situation

Are you ready to pay off all of your debts so you can stop dealing with bill collectors demanding money? If you have been unable to accomplish the task because your finances are not in order, it can still be done in other ways. Keep in mind that everything that you own likely has a cash value, especially if you are a homeowner. You can also take legal measures to get out of the situation, and it will be easy with a lawyers help. Take the suggestions below into consideration for resolving your debt situation.

Get Rid of Your Debts Through Chapter 7 Bankruptcy

One of the fastest ways to get out of debt is through Chapter 7 Bankruptcy. As long as you meet the qualifications and is able to get approved by a judge, you can legally get out of paying the debts. However, it is smart to go through the process with help from a bankruptcy lawyer so he or she can ensure that you will not lose any major assets. For instance, it is possible for some of your assets to have to be sold to pay creditors a portion of the money that is owed. A lawyer will try to ensure that all of your debts are wiped out without your assets being affected.

Take Out an Equity Loan to Obtain Money for Debts

Owning a house gives you the option of getting an equity loan to obtain a possible large amount of  money. The money will basically be based on what your house is worth, your income, and several other things. Although getting a loan will create another debt, it can be a smart move. The reason why is because you might be able to pay off all of the other debts, depending on the loan amount. Contact lenders to find out if an equity loan can get preapproved.

Consolidate All of the Debts to Pay Them Off Easier

The way that all of your debts are separated can make them more difficult to pay off. For instance, if you are not organized with keeping up with when the debts are due, it may have caused you to fall further behind. Debts can actually be consolidated into one payment to make things easier. Find a debt consolidation company to assist with the process. You might also want to bring the option up to a lawyer, such as David S. Riehl, Attorney At Law, if you consider filing for bankruptcy, as he or she will let you know which option is best for your situation.