What debt relief options are available?

Having excessive debt can be an overwhelming ordeal that keeps people from enjoying the life they deserve. Bankruptcy can be an excellent method for dealing with excessive debt. Contrary to myths told by creditors, such as credit card companies, bankruptcy can and does provide you with a fresh start.

In addition to bankruptcy, there are alternatives that many people do not realize exist. Baker & Associates is available to discuss many of these debt relief options with you. Contact Houston debt relief attorney Reese Baker now to find alternatives that may work for you. By working with an attorney, you can stop lender harassment while exploring options and solutions.

BANKRUPTCY

One of the most common types of debt relief involves filing for bankruptcy. Bankruptcy is a tool that many can use to start fresh. There are several specific types of Bankruptcy available and the type that may be best for you can be determined by meeting with a board certified bankruptcy lawyer.

The different types of common Bankruptcy filings include:

Chapter 7 Bankruptcy – this type of bankruptcy allows a debtor to receive a discharge of unsecured debts. Chapter 7 does not assist in restructuring house or car debts.
Chapter 11 Bankruptcy – Generally used by large businesses. Chapter 11 is used when a person has a large amount of secured or unsecured debts, or when a person does not qualify for chapter 13.
Chapter 13 Bankruptcy – This type of reorganization is where a debtor can possibly keep his/her secured assets, such as a house or car, and eventually get a discharge of unsecured debts.

DEBT CONSOLIDATION

It is possible to get a loan to consolidate all of your many, smaller, debts into one larger one. By doing this, it is possible to have one monthly payment at a lower interest rate than a credit card. There are lenders who make consolidation loans but consolidation loans are harder to obtain due to the stricter lending requirements. Be careful -unscrupulous companies prey upon debtors and take advantage of their unfortunate situations. Before you sign anything, discuss this with a Houston debt relief attorney.

HOME FORBEARANCE AGREEMENTS

If your home is in danger of foreclosure, an attorney can attempt to negotiate with your home lender and possibly save your home. By entering into a forbearance agreement, the lender will stop the foreclosure and give you added time to make your monthly payments. If negotiations fail, the Baker & Associates may be able to assist you to save your home in other methods.

LOAN MODIFICATIONS

If you have a high interest rate, an adjustable rate, an escrow problem, or you have fallen behind on payments, you may have an opportunity to modify an existing home loan so that both the lender and the borrower can benefit. These modifications can include a change in your interest rate, the change from an adjustable rate to fixed rate, and other possible changes. There are many new and changing federal programs available that may allow you to modify your home loan. We have information on many of these programs and can assist you in submitting documents for many of these programs.

These are just a few of the many options available. By hiring persons with knowledge of the area, you can have all of your questions regarding Bankruptcy and other debt relief options answered accurately. Reese W. Baker, has 30 years of experience in assisting both individuals and businesses in reclaiming the life they once enjoyed. Unlike many other companies, the Texas Debt Relief Center brings personalized attention to its clients and finds the best possible course of action towards debt relief.

If you are looking for a way to start over, contact a Houston bankruptcy lawyer at the Baker & Associates for an individualized plan to put your life back together.