There are those that would argue that getting a debt consolidation loan is not the way to pay down debt. First, they claim that you are just getting more debt on top of the debt that you already have. Secondly, they seem to think that the only reason your new loan has lower payments is because you will make payments for a longer amount of time.

If you have excellent credit, a debt consolidation loan (DCL) may be an ideal option. The most common kind is a credit card balance transfer. This is where you take several debt of varying rates and move them all to one card. You’ll want to find a card that has the lowest interest possible, and make sure you plan to pay more than the minimum amount due. One thing you’ll want to avoid is being late on a payment, as it will send your interest rate sky-rocketing!

Get clarification about your rights and responsibilities – There are things that your lawyer should do for you and there are things that you absolutely must do if your case is to be successful. Make sure you understand what you can expect and what you have to do to make your bankruptcy work. Get it in writing. If you have any questions, get them answered before you leave the office.

Make sure you know what the interest rate will be after the promotional period is over. The rate could higher than what you are paying now and may make it more difficult to pay off the debt in the long run.

A attorneys on swann ave near me can clarify the new laws and restrictions that must be met. In addition, there are residency requirements and financial counseling as well as rules about cash loans and purchasing expensive items in the past 60 days. For the average consumer, this may be a bit overwhelming. This is why an attorney can be extremely helpful.

The good news about bankruptcy is that it will keep your creditors from hounding you about the money you owe. You cannot have any property repossessed nor can your creditors contact you via e-mail, phone, or any other means. Any foreclosure proceedings on your house will be immediately halted. Also, any pending lawsuits or legal actions that garnish your wages-such as child support and paternity suits-will be temporarily suspended. A good Bankruptcy lawyer will be able to guide you through this process and help you end up in the best financial position.

Do not hide anything. Never think ‘oh but I cannot tell them that’. If you do withhold information, it just might come back and bite you further down the line. And your attorney will not be impressed at having to clean up the mess. They cannot help you if you are not giving them the full story. Help your lawyer to help you and you will be in a win win situation.

Now that you realize there are many benefits to hiring a bankruptcy attorney, you have to take the time to find a good one. There are many great lawyers out there, but if you’ve never had a reason to find one, you may be at a loss as to how to go about it. Your friends and family are a great starting point. You may be surprised to learn that someone you know has gone through this process before. People aren’t usually in the mood to discuss their financial hardships, so you may have never known a friend or loved one had to file for financial ruin. So begin asking around to see if you can get a few good recommendations.