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Structured Debt Management
You have the right to file for bankruptcy protection a theoretically unlimited number of times, provided that you are immortal, but there are waiting periods for how soon you can file after your previous bankruptcy filing. It is possible that you can start borrowing again, and your credit card debt can pile up before you are eligible to discharge it in a new bankruptcy case. When this happens, you will have to find another way to address your credit card debt, one that does not involve the bankruptcy court.
If it were as simple as paying it down, you would have already done that. Instead, you must find a way to reduce the amount you owe through an agreement with the credit card company, buy time for repayment, or borrow money to pay off your debt. For help finding a solution to your credit card debt when filing for bankruptcy in the near future is not an option, contact an Oakland lawsuits, collections, and creditor harassment lawyer.
How Does Structured Debt Management Compare to Debt Consolidation or Debt Settlement?
You are familiar with the concept of debt consolidation loans if you live paycheck to paycheck and struggle to make the minimum payments on your debts; lenders can smell your financial instability, and they bombard you with advertisements for debt consolidation loans. A debt consolidation loan does not get you out of debt; it just gives you time to repay, and it reduces the amount you pay in the long term. The debt consolidation loan has a lower interest rate than your credit card debt, so by borrowing the debt consolidation loan, using it to pay off your credit card debt, and then making payments on the loan, you not only lower your monthly payments, but you also pay down the loan principal more quickly.
The trouble is that if you have recently filed for bankruptcy, it is difficult to get an unsecured personal loan with a low interest rate. Online lenders, also known as rent-a-banks and peer-to-peer lending platforms, might be willing to lend to you, but these come with risks.
Your other options involve negotiating with the credit card company. The company may be willing to settle your debt or else to restructure it. Debt settlement involves the credit card company discounting a flat amount from your outstanding balance and you agreeing to pay it in installments. Structured debt resettlement is when the credit card company does not change the amount of outstanding principal but lowers the interest rate; once you accept this agreement, you go back to making monthly installment payments, and your principal balance gets smaller faster. It is the next best thing to an interest-free balance transfer; it might be even better because the new, low interest rate lasts until you pay off the debt.
Contact the Law Office of Melanie Tavare About Getting Out of Credit Card Debt
A debt relief lawyer can help you explore debt repayment options such as structured debt management. Contact the Law Office of Melanie Tavare in Oakland, California or call (510)255-4646 for a case evaluation.
"Melanie is the best she very responsive and helpful throughout the process everything was taken care of smoothly. If you are thinking of going through bankruptcy she is the best attorney for you. I will forever be grateful having the chance to work with her. She is very honest too."
Sandhya.
"I can't thank Melanie enough for helping me through a challenging process and doing so with incredible knowledge, professionalism and tenacity! She went to great lengths to keep me informed, she responded quickly to my questions, and communicated in terms that I could understand. I highly recommend getting in touch with Melanie should you have the need."
Carrie.
"Choosing to work with Atty. Melanie has been one of the best decisions I've ever made. She was a very patient professional to work with and attentive while providing valuable solutions to all of my concerns. If you are searching for of an Attorney who is knowledgeable, transparent, and diligent - well that's Atty. Melanie."
Marwin.
"What I liked about working with Melanie was how prompt and easy to work with she was. She made the process clear and understandable with as little stress as possible. I would work with her again and recommend her to others."