Options, If you can't pay your debt

OPTIONS IN CALIFORNIA

WHAT, IF YOU CAN'T PAY YOUR DEBT BERNEMAN LAW FIRM

IF YOU CANNOT REPAY YOUR DEBT, THERE ARE OPTIONS THAT CAN KEEP YOU FROM LOSING MONEY, OVERPAYING, OR FROM BEING SO FAR IN DEBT THAT YOU CANNOT GET OUT.

T Y P ES O F

DEBT

Secured debt Unsecured debt Government debt High priority debt Medium priority debt

Low priority debt

THERE ARE A FEW DIFFERENT OPTIONS WHEN IT COMES TO REPAYING DEBT AND GETTING YOUR F I N A N C E S I N O R D ER .

Negotiate with Creditors –

THE FIRST IS TO TALK WITH YOUR CREDITORS AND WORK TO NEGOTIATE A LOWER PAYMENT. IN SOME CASES, YOU CAN TALK WITH YOUR CREDITORS AND THEN DISCUSS WHAT OPTIONS FOR REPAYING LESS BACK. YOUR CREDITORS MAY ACCEPT LESS IF YOU PAY BACK THE AMOUNT AT ONCE RATHER THAN CONTINUING TO PAY OVER TIME.

Seeking Help from a Consumer Credit Counseling Agency – ANOTHER OPTION IS THAT YOU TALK WITH SEEK HELP FROM A CONSUMER CREDIT COUNSELING AGENCY. THIS IS AN AGENCY THAT TAKES A MONTHLY SUM OF MONEY FROM YOU THEN NEGOTIATES ON YOUR BEHALF WITH THE CREDITORS TO HELP GET RID OF YOUR DEBT.

File for Bankruptcy – YOU CAN ALSO FILE FOR BANKRUPTCY. THIS MEANS THAT YOU WOULD DEFAULT ON DEBTS THAT YOU OWE AND THEN YOU WOULD START OVER WITHOUT THOSE DEBTS ON THE TABLE. YOU CANNOT DEFAULT ON ALL LOANS, THERE ARE SOME TYPES THAT YOU ARE NOT ABLE TO DEFAULT ON LIKE STUDENT LOANS AND GOVERNMENT LOANS.

Apply for a Student Loan Payment Plan – IF YOU ARE DEALING WITH STUDENT LOANS, YOU CAN ALWAYS WORK OUT A STUDENT LOAN PAYMENT PLAN. THIS WILL HELP YOU SET HOW MUCH YOU CAN PAY EACH MONTH SO THAT YOU CAN STAY ON TOP OF YOUR PAYMENTS AND KEEP YOUR DEBT UNDER CONTROL.

If you need help deciding which action would benefit you the most, consider consulting with Berneman Law Firm.