Debt Consolidation vs. Settlement

Bankruptcy Lawyer in Douglas & Cobb County

While debt consolidation is a good option in certain circumstances, it does not work for everyone. Depending on your credit history and amount of debt, it may be difficult to find a lender who is willing to work with you in consolidating your debt in a manner that will make it worthwhile to use as a debt relief method. Debt settlement allows you to work individually with each lender in negotiating the terms of the debt so that you can reduce the monthly payment and work it into a budget you can afford. By contacting a Douglas & Cobb County bankruptcy lawyer from The Faucette Law Firm, LLC, we can sit down with you and explain your options between these two types of debt solutions so that you fully understand your choices.

Which is Right for You?

In evaluating your financial situation, we can determine which alternative is right for you. If it is debt consolidation, we will work towards finding a lender that is willing to take on all of your debt for a set interest rate and monthly payment that will be advantageous to you. If this does not appear to be an option that will work under your circumstances, we can work with each of your lenders and aggressively negotiate your debt. This can be done in various ways, including:

Reducing the principal amount in exchange for a full lump sum payoff that is much less than what you owe
Reducing your interest rate and monthly payments into affordable payments you can live with
Extending the term of the loan in order to lower your payments
A combination of the options above

Using debt settlement could leave you with much less to little debt once payments have been lowered or principal amounts paid off. Our firm is deeply committed to helping our clients through this difficult time and finding solutions that will empower them to look forward to the future and get a fresh start.

Contact a Douglas & Cobb County bankruptcy lawyer today for help in deciding on debt consolidation or debt settlement.