Debt Relief Options

How can I handle my debts?

Owing large amounts of debt can cost you the ability to fully enjoy life. If you owe more than you can really handle, you should explore your options for debt relief to see if there is any way for you to regain a position of financial health. On any of the individual loans or other debts you have incurred, you signed an agreement to pay back what you borrowed, but people make mistakes and there are legal protections for those who have gotten in over their heads. Federal bankruptcy law makes it possible for anyone whose income is not realistically capable of paying for the cost of living plus debt repayment to declare bankruptcy, and you may qualify for this legal shelter. Under Chapter 7 bankruptcy, you would be granted forgiveness of the majority of your debts, while Chapter 13 would allow you to make a single monthly payment on all you owe for 3 or 5 years, with a discharge of debt at the end of this period.

Even if you don't qualify for bankruptcy, you probably have other options for debt relief. Our legal team may be able to negotiate a loan modification with your bank to obtain more favorable terms on your home mortgage or car payment, such as a lower interest rate or longer loan term. Because of the large number of defaults, many lenders are even willing to accept a modification that results in payment of less than the full amount of the loan. Short sale negotiation may be a way to get rid of a house that is worth less than you owe, but because it requires agreement from your lender to sell the home for less than the value of the mortgage it is important to work with a skilled attorney.

Seeking relief from your debts?

When you contact Price Law Group for help with debt relief, you will receive a consultation to find the most appropriate strategy for your situation. Each case is unique, and it is vital to find the approach that will be most effective for relieving you and your family of your financial burdens. The firm can assist you with the entire process, including helping you with credit repair as you make a fresh start.