San Fernando Valley Debt Relief Attorney

Debt Relief Methods

If you are facing extreme financial struggle, or are buried by overwhelming debt, there are many debt relief methods available to help relieve you of your financial burden.  Acquiring accurate information on all the available methods will help you make a better decision regarding how best to correct your current financial situation.  Commonly utilized debt relief options include:

• Credit counseling services - Credit counseling services assist those in debt by negotiating with the individual's creditors on their behalf.  The service works out a payment plan with the creditor (or creditors) that allow the debtor to feasibly pay off their debts.  The debtor pays the service a lump sum monthly payment, which is then apportioned out to their various creditors.
• Debt negotiation - One can negotiate with a creditor themselves (or through an attorney representing them on their behalf) to accept a payment plan which allows the individual to make manageable payments to them until the debt is paid off.  One may also be able to negotiate a lower interest rate, a reduced principal amount, or other modifications that make it easier for them to pay the debt off.
• Debt settlement - One can work out a settlement with a creditor in which they pay a lump sum that is somewhat less than the full debt amount.  Creditors will often welcome this rather than the alternative of not being paid at all.  A person can also hire an attorney to help them negotiate this.
• Bankruptcy - In cases where the individual will not realistically be able to pay off their debts, bankruptcy is a viable option to have one's discharged.  There are different bankruptcy types (Chapter 7, Chapter13), but the end result is that of a person being free of their debts and able to start fresh financially.

For further information on the various debt relief methods, contact a San Fernando Valley bankruptcy lawyer today.

Debt Relief Lawyer in the San Fernando Valley

The Law Offices of John Ribarich assists those filing for bankruptcy or pursuing other debt relief options.  Contact our firm today and we will help you determine which debt relief method is best for you and your specific financial situation.

Contact a San Fernando Valley Debt Relief Lawyer for information on various debt relief methods and advice regarding the best option for you.