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Category Archives: Get Out of Debt

We Offer Budget Consulting to Our Clients

It is our goal to help you get out from under the weight of debt, have a fresh start, and be equipped to fully provide for the needs of you and your family. Together we will evaluate your income and expenses and create a plan that will work for you.

Regardless of how you get out of debt, creating and following a reasonable budget is part of overall financial health.

Benefits of Budget Consulting

  • Gaining a clear idea of where your finances are.
  • Creating a clear plan of where you want your finances to be.
  • Creating a budget that is in line with your needs and your family’s needs.
  • More confidence with managing your finances moving forward.

When we meet for our free consultation we will review your entire financial picture. Whether you decide to file for bankruptcy or pursue another solution to your debt problem, budget consulting is beneficial.

We are committed to educating people about their debt relief options at no cost. We offer a free consultation to anyone in the Savannah, GA area. Contact us here or call (912) 351-9000 to schedule your free consultation.

After meeting with us you can expect to have an understanding of your overall financial picture, your various debt relief options, how filing for bankruptcy can help you, and which chapter would be best for your specific situation.

Further, if you decide to file for bankruptcy, you must disclose your income and expenses in your bankruptcy petition. We will review this together, and it will serve as an opportunity to look at your monthly expenses and explore ways to trim expenses.

We understand that it is not easy to talk about your finances or your debt problems. Please know that we are here to help you, we are not here to judge you. We are here to help you gain financial freedom and to help you make today the first day of the rest of your life.

Explore How to Get Out of Debt

At the Law Office of Barbara B. Braziel we are committed to helping people get out of debt and gain the financial freedom they deserve. You will meet with a bankruptcy attorney for your free consultation. You will not be left in the hands of a paralegal or case manager. The attorney you meet with will be the attorney who files your case, and the attorney who will be by your side at the Meeting of Creditors.

We are knowledgeable and experienced attorneys who specialize in bankruptcy and debt relief. We have over 35-years of experience. We’ve helped thousands of people get out of debt and have the fresh financial start they deserve.

Contact us here or call (912) 351-9000 to schedule your free consultation.

 

We proudly serve the people of Savanna, Chatham County, Effingham County, Bulloch County, Bryan County, Liberty County, and Long County.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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What Is The Best Way to Get Out of Debt?

To get out of debt you have to face your problem head-on and create a plan―and then execute that plan. While it won’t be easy, it will be worth it. Once you are living without the burden of debt you will be grateful that you took the necessary steps to get yourself out of debt!

The Best Way to Get Out of Debt

The best way to get out of debt depends on your specific situation. What options are available to you and feasible for you depend on many factors.

The first thing to do is to get clear on how much debt you owe. It isn’t uncommon for people to only know the ballpark figure of how much debt they owe. Make a list of all of your debts and add up exactly how much you owe.

The next thing to do is to explore your options for getting out of debt. Evaluate your options and then choose which one is best for you.

  • Create a budget tailored to pay off your debt.
    • This is an excellent solution to your debt problem if you have adequate income and can stick to a budget aimed at quickly and reasonably paying off your debt.
    • If you can reasonably afford to pay back your debt within two to three years, then paying it off is likely your best option.
    • If paying off your debt means struggling to pay for living necessities like rent or food, paying high interest on debts for many years, and not having an emergency savings fund or saving for retirement―that is not reasonably paying off your debt and we encourage you to explore your other options.
  • Settle your debts.
    • Settling your debts for less than the full amount owed most often requires a large sum of cash up front. Typically a Debt Settlement Agreement requires that the agreed upon amount be paid in full within a few days or weeks.
    • Debt settlement comes with potential tax consequences because “forgiven debt” is considered income by the IRS. If you go this route, make sure you can afford the additional tax liabilities.
  • Debt consolidation.
    • A debt consolidation company will collect a monthly fee from you and attempt to make debt settlement deals with your creditors.
    • Many of these companies fail to fulfill their promises or fail to offer any services at all. Be cautious to avoid being scammed by companies offering debt consolidation services.
  • Take out a loan to pay off debts.
    • The loan is used to pay off creditors. Then one payment is due on the loan each month.
    • This is a good option if you can get a loan with a more favorable interest rate than your current debts, and you can afford the monthly loan payment, and you will pay the loan back within two to three years.
  • File for bankruptcy.
    • Filing for bankruptcy is a legal right that helps people erase debts and/or repay their debts over time.
    • If you cannot afford to pay off your debts within the next few years, it is time to consider if bankruptcy is the best way to get out of debt. If you are going to be paying back your debt for many years, paying far more than your borrowed because of interest, unable to properly save for retirement, then bankruptcy might be your best option.

Once you’ve explored your options for getting out of debt, then choose the one that is best for you. Make sure that the option you choose addresses all of your debts. For some people, bankruptcy is the best way to get out of debt because the other options are simply not feasible or would take so many years to execute that they are economically damaging and would keep a person deep in debt for many years to come.

Follow us on Facebook for tips on getting out of debt!

Our law firm is committed to helping people get out of debt and gain the financial freedom they deserve. We invite you to learn more about who we are here. If you live in Savannah, GA or the surrounding areas and have questions about your debt relief options, let’s meet for a free consultation. Call us at (912) 351-9000 or contact us here.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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IRS Hired Private Tax Collectors Subject to the Fair Debt Collection Practices Act (FDCPA)

The Internal Revenue Service (IRS) uses private collection agencies to attempt to collect certain overdue federal tax debts. If your IRS tax debt will be transferred to a private collection agency, the IRS will send you written notice that the transfer is happening, and a second written notice confirming the transfer.

These private collection agencies are given accounts that the IRS is no longer actively working on. The IRS states, “Several factors contribute to the IRS assigning these accounts to private collection agencies, including older, overdue tax accounts or lack of resources preventing the IRS from working the cases.”

Your Rights Under the Fair Debt Collection Practices Act

The collection agencies the IRS hires are third party collection agencies and are subject to the Fair Debt Collection Practices Act (FDCPA). This means they cannot violate your rights and must follow the laws on debt collection.

The FDCPA protects consumers from harassment and deception from debt collectors and provides the right to bring legal action for violations and to recover actual and statutory damages and attorney fees.

You have a number of rights under the FDCPA. Here are just a few of your rights:

  • The right to put an end to collection phone calls. Once you notify a collection agency in writing that you do not want to receive phone calls, they cannot legally continue to call you except under specific and limited circumstances.
  • In general, debt collectors may only call between the hours of 8:00 a.m. and 9:00 p.m.―local time where you are located.
  • Debt collectors may contact your family or friends if they do not have contact information to reach you. In such limited circumstances, a debt collector may “for the purpose of acquiring information about the consumer” contact your friends or family.
  • You have the right to be free from debt collection harassment or abuse. Debt collectors may not engage in any conduct in which the natural consequence is to harass, oppress, or abuse. Specifically the following actions are prohibited:
    • The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person.
    • The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader.
    • The publication of a list of consumers who allegedly refuse to pay debts.
    • Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number. 15 U.S.C. § 1692e.

 

The IRS collection agencies must follow the provisions of the FDCPA. If a private collection agency for the IRS violations your rights, you may be entitled to bring legal action against them.

Further, the private collection agencies hired by the IRS will not collect payments from taxpayers. Payments must be made to the U.S. Treasury and sent to the IRS, not the private collection agency.

Certain Older Tax Debts Can Be Erased

Certain older tax debts can be erased through bankruptcy. If you have questions about tax debts and bankruptcy in Georgia, we invite you to come meet with us for a free consultation. We proudly serve the people of Savanna, Chatham County, Effingham County, Bulloch County, Bryan County, Liberty County, and Long County.

Schedule your free consultation by calling us at (912) 351-9000 or by filling out this simple web form.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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Avoid Debt Relief Scams

Facing serious financial difficulties is a highly stressful life event. When bills are mounting and each month you’re falling deeper and deeper into debt, it can be debilitating. During such a difficult time, it is easy to fall prey to a debt relief scam. These scam artists run a compelling game, purporting to offer a solution to your debt problem as well as hope for relief from debts.

We take debt relief very seriously. At our law firm we see firsthand the negative effects of unmanageable debt. Many of our clients do all that they can to avoid filing for bankruptcy, and many fall prey to a debt relief scam prior to meeting with us. These scammers are criminals and it boils our blood when they take advantage of people just trying to get a handle on their debt.

Read on so you know what to look out for so you don’t become a victim of a debt relief scam.

The Problem with Companies Offering Debt Relief Services

Be caution in dealing with any company that offers debt relief services, including law firms. We urge you to always do your research on any company or firm you’re considering hiring.

Debt relief service providers generally offer to settle a consumer’s debt with creditors for significantly less than the amount owed. These companies will collect a monthly payment and hold the funds in escrow. The idea is that they will use those funds to settle debts, one by one, as they work out settlements with each creditor. However, many of these companies not only fail to fulfill their promises but fail to offer any services at all.

  • In most cases the majority of the consumer’s monthly fee goes to pay the company’s up-front fees, leaving little left in the escrow account to settle debts.
  • The consumer’s monthly payments are not paying down their debts and during this time creditors can still attempt collection through lawsuits, wage garnishments, and bank levies.
  • Most often the company never actually settles any debts with creditors.
  • Even if the company did settle one or two debts, the consumer does not get true relief from debt because not all debts are handled.

Tips for Spotting a Debt Relief Scam

First, be especially cautious if you are asked to pay a company for debt settlement services up front. According to the Consumer Federation of America, consumer should not pay more than $50 for the set-up fee and $25 for a monthly account with a company offering debt settlement services.

Second, debt settlement cannot be guaranteed. If a company offers a guarantee, it is a major red flag. Further, the following will help you in spotting a debt relief scam:

  • Fraudulent debt relief companies often make claims of being able to negotiate a one-time settlement with creditors that will reduce your principle debt by 50% or more.
    • The Consumer Federation of America warns that such a promise is a virtual impossibility.
    • If a company claims they can negotiate a one-time settlement with all of your creditors that will reduce the amount of your debt by 50% or more and will reduce your monthly payments, it is probably a scam.
  • Legitimate credit counseling services tailor a consolidation plan to each consumer’s unique needs. Companies offering a one-size fits all solution are likely not offering legitimate debt relief services.
  • Watch out for companies that advise you to stop communicating with your lenders or creditors.
  • Do not rely on a company’s website―because they may make fraudulent claims on their site and in their advertising. Always conduct your own independent research of debt relief service companies. Check with the Better Business Bureau and your state’s consumer protection agencies.
  • For-profit debt settlement companies are almost never worth the money. They are not offering you a service that you cannot do for yourself if you have a lump sum of money up front to settle your debts.

We urge you to exercise extreme caution in dealing with any company offering debt relief services through debt settlement. If you fall victim to a scam, you could lose hundreds of dollars or more in fees and end up in a worse financial situation due to additional late fees and penalties from your creditors.

Exploring Your Legitimate Debt Relief Options

At the Law Office of Barbara B. Braziel we are committed to helping people get out of debt and gain the financial freedom they deserve. We invite you to learn more about who we are here. If you live in Savannah, GA or the surrounding areas and have questions about your debt relief options, let’s meet for a free consultation.

Reach out to us at (912) 351-9000 or contact us by filling out this simple web form.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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Get Debt Help in Savannah and Move On, Free From Financial Worries

The Law Office of Barbara B. Braziel helps people struggling with all types of debt problems, including credit card debt, medical debt, wage garnishments, and bank levies. If you are facing unmanageable debt, we can help.

Get Debt Help in Savannah, Georgia and Surrounding Areas

We serve the people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We offer a free consultation to anyone in the Savannah, GA area who wants to explore their debt relief options. Call us today at (912) 351-9000 or click here to schedule your free consultation today.

When you leave our office you will know what your debt relief options are. You will know if bankruptcy is a viable solution to your debt problem. We strive to ensure that after meeting with us you will know how filing for bankruptcy would affect you and your family, as well as the benefits and the drawbacks of bankruptcy.

Move On, Free From Financial Worries

Our law firm has helped thousands of people get out of debt. We invite you to read a few of our debt relief success stories here. And you can learn more about who we are here.

It is our goal to help you get out from under the weight of debt, have a fresh start, and be equipped to fully provide for the needs of you and your family. At the Law Office of Barbara B. Braziel we offer free educational debt relief resources on our blog, Facebook page, and in our monthly newsletter. We also offer budget consulting so that you can gain a clear idea of where your finances are and together we can create a budget that is in line with your needs.

We are available to help if you are struggling to make ends meet, if you simply do not have enough income to reasonably pay back your debt, if you are being harassed by collection phone calls, if your wages are being garnished, if you’ve been sued for unpaid debts, or if you have any unmanageable debt. Together we will find the debt relief solution right for you.

All of us at the Law Office of Barbara B. Braziel are here to help you end your financial struggle and gain financial freedom. Contact us at (912) 351-9000 today and schedule your free consultation!

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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I Cannot Pay My Medical Bills, What Can I Do?

Medical bills can be astronomical. A medical emergency or chronic illness can cost thousands of dollars. A study by the National Institutes of Health (NIH) found that the average cost of an emergency room visit in the United States is over $2,000. When critical care or surgery is necessary, it is not uncommon for the bill to total over $20,000.

If you are struggling to pay your or your child’s medical bills, the following are a few options for you to explore:

  • Work out a payment plan with the medical provider.
  • Negotiate a debt settlement with the medical provider.
  • File for bankruptcy protection.

Before falling behind on your medical bills, consider contacting the provider, explain your situation, and see if there is an opportunity to work out a payment plan that you can afford.

Similarly, you may be able to work out a debt settlement with the provider whereby you agree to pay a lump sum that is less than the full amount owed to settle the debt. This option is more likely possible after your medical debt has been sent to a debt collection agency. Be cautious of debt settlement when you can only settle one or two debts, but it will not take care of your medical debt or overall debt problem. Lean more in our article Is Debt Settlement Better Than Bankruptcy?

If you simply cannot afford to pay your medical bills, then it is time to explore if bankruptcy is the right solution for you.

Bankruptcy Can Eliminate Medical Debt

Bankruptcy has the power to eliminate medical debt. After a successful bankruptcy filing, you would no longer be legally liable to pay back you medical bills you incurred prior to the date you filed.

  • A Chapter 7 bankruptcy can eliminate all of your medical debt.
  • A Chapter 13 bankruptcy can eliminate all of your medical debt, but Chapter 13 requires a three to five year repayment plan, so you may pay back none, all, or a portion of your medical debt.
  • Regardless of which chapter of bankruptcy you file, you will no longer owe on medical debt incurred prior to filing your case.

I Cannot Pay My Medical Bills, What Can I Do?

We can help you eliminate medical bills with bankruptcy. If you live in Savannah, GA or the surrounding areas, let’s meet for a free consultation. Please reach out to us at (912) 351-9000 or contact us by filling out this simple web form.

 

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For over 35-years we have proudly served the people in Savannah, Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Springfield, Pembroke, Brooklet, Garden City, and Ludowici, Georgia.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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How to Budget ― Without a Budget, A Practical Strategy

Most of us understand that following a budget is important. A major aspect of financial health is living within (or below) our means. This means having a budget and sticking to it. But still many of us don’t have a budget or don’t consistently follow it. Even with the best of intentions and the fanciest of budgeting spreadsheets, many of us still fail to follow through with proper budgeting.

If this speaks to you―read on to learn how to budget without a budget.

How to Budget Without a Budget, A Practical Strategy

If you’ve struggled with budgeting this simplified and practical strategy may be for you!

Even this practical strategy is not without leg work up front. It is absolutely critical that you know what your income is and are clear on the reality of your spending.

Simplified Financial Benchmarks

Instead of breaking down your budget into categories like housing, savings, food, entertainment, this simplified budgeting methods deals only with simplified financial benchmarks.

Monthly Minimum

Your monthly minimum is the actual cost of living your life, counting only necessities. You can think of your monthly minimum as your make or break number. This is the figure you must earn in income just to cover your bare bones living expenses.

  • Calculate your monthly minimum by adding up the costs of your necessities, including housing, insurance, and food. Remember to include expenses that occur annually instead of monthly. To calculate the monthly costs you can divide necessary annual expenses by twelve.
  • Once you have your minimum monthly of your actual expenses, then add in a buffer of at least 10 percent. Life necessities are expensive and prices often increase.
  • Next, add in the amount you want to save or use to pay down debt. Adding this figure to your monthly minimum prioritizes your financial goals.
  • The monthly minimum figure is also an excellent financial benchmark for people with inconsistent income to use, like business owners or freelancers.

If your income falls below your monthly minimum then you are living beyond your means. If your income is above your monthly minimum, the extra is discretionary funds that can be spent on things beyond necessities, like an evening out with friends.

Discretionary Spending Priority Point

Your discretionary spending priority point is your monthly minimum plus the monthly costs of discretionary, non-necessity expenses that are a priority to you.

To properly calculate this financial benchmark you will have to be honest with yourself about what expenses are a priority to you and what expenses you can forego. For example, paying for ice skating classes or dinners out with friends may be important to you. But when you really think about what matters to you, you may find that your gym membership or $5 daily lattes are not priority expenses.

Just as your minimum monthly accounts for annual expenses, your discretionary spending priority point should as well. Don’t forget to include the expense of giving holiday gifts or attending a friends destination wedding.

If your discretionary spending priority point is higher than your monthly income, then you are living above your means and you need to re-evaluate what you’ve included in your priority expenses.

The Kitchen Sink Point

Your kitchen sink point is what your monthly cost of living would be if you spent money just as you wanted to― if you included everything and the kitchen sink. This number includes your minimum monthly, your discretionary spending priority point, and everything else you would spend money on. It is likely that your kitchen sink point will be higher than your monthly income.

Spend Within Your Benchmark Numbers

Now that you’ve defined these three benchmark numbers, keep your expenses within these numbers. Most often keep your expenses between your monthly minimum and your discretionary spending priority point. This is how we budget without a budget.

This approach ensures that your necessities are covered, you are saving or able to pay down debt, and you still have flexibility in how your money is spent.

You will still have to track your income and the amount of your expenses to ensure you are earning enough money and not over-spending. Each month you simply compare your totals with your defined financial benchmarks. You do not have to use complex budgeting systems or adhere to spending within defined categories.

 

Are you are struggling with massive debt?

If you’re deep in debt, have fallen behind on payments, and your credit card debt is mounting, it is time to take back control of your finances.  Take an honest look at your situation. It may be time to explore all of your debt relief options, including bankruptcy.

Follow us on Facebook for money saving tips and information on how to get out of debt!

Meet with us for a free, no-obligation consultation. Call us at right now at (912) 351-9000, or email info@BrazielLaw.com. We are here to help you evaluate if bankruptcy is the right choice for you.

 

We are proud to serve people in Savannah, Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, and Ludowici Georgia.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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Thinking About Consolidating Your Credit Card Debt? What You Need to Know.

Trying to manage credit card debt is tough. The fact is that if you’re carrying credit card debt forward each month then you are likely to pay hundreds, even thousands of dollars in interest charges over time.

If you are in a position to pay down your credit card debt, start now. If you are only able to make the minimum monthly payments, or no payments at all, we encourage you to explore all of your options on getting your credit card debt under control.

Thinking about consolidating your credit card debt? Here’s what you need to know.

  • Consolidating your credit card debt means taking out a new loan. Your current credit card bills with be paid off by the new loan and you will be responsible for paying one monthly payment.
    • Make sure you can afford the new loan payments.
    • Make sure the interest rate on the new loan and other lending terms are more favorable than the terms of your current credit card debt.
  • If you consolidate your credit card debt and then continue to make purchases on your cards, then you are going deeper into debt. In this scenario, you are unlikely to succeed in paying down your debt.
  • Keep an eye out for promotional interest rates that only last for a short period of time. In some cases if you do not pay off the balance of the loan prior to the promotional rate expiring, you will have to pay the new, higher interest on the whole amount. Read the fine print.
  • Take the time to shop around and compare loan terms and interest rates. You want to know how much you will pay in interest and fees over the life of the loan.

 

Credit Card Balance Transfers

Many credit cards offer a zero-percent or low-interest balance transfer for a period of time. You may be thinking about transferring some or all of your credit card debt to another card offering this incentive. It is important to know how long the promotional interest rate applies. After the promotional period expires the interest rate may be quite high and your monthly payment may increase.

If you choose to do a balance transfer, avoid making new charges to that credit card until the balance transfer is paid off in full. This helps ensure you will pay off the balance and not get hit with additional interest charges.

Make paying down your credit cards a priority.

Not all debt is created equally. For example, paying a mortgage over 30 years is generally considered a wise investment. Paying on a credit card for years is not a wise financial move.

Consider this: If you owe $4,717 on a credit card with a 15 % interest rate and make only the minimum monthly payment of $189, it will take you 10 years to pay off the debt and your total repayment amount will be $22,896.

Make paying off your credit cards a priority.

Follow us on Facebook for tips on money management and getting out of debt!

If you’re deep in credit card debt that you cannot pay off.

If you are struggling to make ends meet, and you simply do not have enough income to reasonably pay down your credit card debt, then bankruptcy might be the debt relief solution for you.

All of us at the Law Office of Barbara B. Braziel are here to help you end your financial struggle and gain financial freedom. We offer free consultations. Contact us at (912) 351-9000 today!

 

We proudly serve the people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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An Overview of Debt Relief Options

When your mailbox is stuffed with overdue bills and your phone is ringing nonstop with debt collectors demanding payment, it can suck much of the joy out of life. Being buried in debt is hard. It’s scary and stressful. It may keep you up at night with worry. It may stress you out so much that you feel debilitated and try to ignore the issue.

But when you’re deep in debt the best thing you can do is face your problem head-on. A debt problem ignored will only get worse.

An Overview of Debt Relief Options

There are a number of debt relief options available. We encourage you to explore each one and choose the one that is feasible and best for you. Remember that a true debt relief solution addresses your entire debt problem, not just a portion of it. And the debt relief option best for you is reasonable and doable.

  • Paying Off Your Debt
  • Debt Settlement
  • Debt Consolidation – Taking Out a Loan
  • Debt Consolidation – Hiring a Debt Consolidation Company
  • Bankruptcy

Paying Off Your Debt

If you have adequate income and can stick to a budget tailored to quickly and reasonably paying off your debt, then this is an excellent solution to your debt problem. So long as you can reasonably afford to pay back your debt within three years, then paying it off is likely your best option. However, if paying off your debt means struggling to pay for living necessities like rent or food, paying high interest on debts for many years, and paying off debt in lieu of having an emergency savings fund―that is not reasonably paying off your debt and we encourage you to explore your other debt relief options.

Debt Settlement

Debt settlement is settling your debts for less than the full amount owed.

This option most often requires a large sum of cash. Typically a debt settlement requires that the agreed upon amount be paid in full within a few days or weeks. Consider too if this option will address the entirety of your debt problem. Settling one or two debts of many does not address your entire debt problem. Further, debt settlement comes with potential tax consequences because “forgiven debt” is considered income by the IRS.

Debt Consolidation – Taking Out A Loan

The loan is used to pay off creditors. Then one payment is due on the loan each month.

If you can get a loan with an interest rate more favorable than your current debts, you can afford the monthly payment, and you can pay the loan back in a reasonable amount of time, then a debt consolidation loan may be a viable solution to your debt problems.

However, this option comes with a host of things that can go wrong. We caution you to carefully consider if taking out a new loan is in your best financial interests.

Debt Consolidation – Hiring a Debt Consolidation Company

A debt consolidation company will collect a monthly fee from you and attempt to make settlement deals with your creditors. Generally, these companies are paid by taking a percentage of your monthly payment off the top. They keep the rest of the funds until there is enough in the pot to make a lump sum payment on a settlement deal, one creditor at a time.

Honestly, what we typically see at our firm is that people make their monthly payment to the debt consolidation company, but ultimately none or only a few of their smaller debts get settled. Leaving them out all of the money paid to the debt consolidation company, and ultimately filing for bankruptcy anyway.

Filing for Bankruptcy

Filing for bankruptcy is a legal right that helps people erase debts and/or repay their debts over time. Bankruptcy can erase credit card debt, medical bills, and other unsecured debts. It can give you true relief from your debts and the fresh financial start you need.

Also, when you file for bankruptcy, all collection action against you must stop. It is illegal for creditors to attempt to collect from you after you’ve file for bankruptcy protection. This means collection calls stop, wage garnishments end, and lawsuits are halted.

Know that we are not in the business of talking people into bankruptcies they don’t need. We are in the business of helping people get out of debt and getting the fresh financial start they deserve. When you are deep in debt and considering solutions, you should explore all of your debt relief options. The best option for you and your family will depend on your specific situation.

The truth is bankruptcy is often the best debt relief option because the other options are simply not feasible or would take so many years to execute that they are economically damaging and would keep a person deep in debt for many years to come.

To further explore if bankruptcy is the right solution for you, read our articles:

How Can Bankruptcy Help Me?

We’re committed to helping people get out of debt and gain the financial freedom they deserve. We invite you to learn more about who we are here. If you live in Savannah, GA or the surrounding areas and have questions about your debt relief options, let’s meet for a free consultation.

Please reach out to us at (912) 351-9000 or contact us by filling out this simple web form. Follow us on Facebook for tips on getting out of debt!

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

Savannah Bankruptcy Attorney

If you are exploring how bankruptcy can help you get out of debt, we invite you to meet with us for a free consultationcontact us on the web or call (912) 351-9000 today!

We are the premiere bankruptcy law firm in Savannah, Georgia. The Law Office of Barbara B. Braziel proudly serves the people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

Relief from Your Financial Burdens

Bankruptcy is a powerful tool that can erase your debts. While choosing to file may be a difficult decision, it may be the best decision for your financial future.

We have been practicing bankruptcy law for over 35 years and often we have met clients who delayed filing until their situation became far worse than it needed to be. In many cases people spent thousands of dollars trying to avoid a bankruptcy that they ultimately needed to file anyway.

Sadly, many of our clients lost assets that they would have been able to keep if they had filed for bankruptcy sooner. Many borrowed against retirement in an attempt to manage their debt and stave off collection. In general retirement accounts are fully protected in bankruptcy. Others took out Home Equity Lines of Credit (HELOC) to pay off some creditors and ultimately risked losing their house to foreclosure.

Powerful and Positive Impacts of Bankruptcy

Our firm has helped thousands of families keep their cars, their homes, and other belongings. Erasing debt, halting all collection action, and protecting your belongings from creditors are just a few of the powerful and positive impacts bankruptcy offers. Bankruptcy can also erase certain older tax debts, give you the opportunity to catch up on missed mortgage or car payments, and can even lien strip away an underwater second mortgage.

Savannah Bankruptcy Attorney

All of us here at the Law Offices of Barbara B. Braziel are committed to helping people get out of debt and gain the financial freedom they deserve. We invite you to learn more about who we are here. If you live in Savannah, GA or the surrounding areas and have questions about your debt relief options, let’s meet for a free consultation.

Please reach out to us at (912) 351-9000 or contact us by filling out this simple web form. Follow us on Facebook for tips on getting out of debt!

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

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