Many people are attracted to the idea of debt consolidation as a way to make their debt payments more manageable. This strategy combines multiple debts into one loan so you won’t have to keep track of multiple payments and varying interest rates every month. Whether you choose debt consolidation or bankruptcy as the best choice for you depends on many variables. For instance, is your credit high enough to secure a debt consolidation loan? Are you prepared for the damaging effect bankruptcy will have on your credit score if it’s not your best option? You should create a debt management plan to determine which is the best option for you.
What if I’m Ineligible for Debt Consolidation?
Although debt consolidation has significantly less of an impact on your credit, unfortunately, not everybody is eligible for it. For those who are overwhelmed with the burden of high debts, pursuing bankruptcy may be the better option. Although debt consolidation is a preferable alternative for many, it’s not possible for most people with high debts, as they are no longer is a suitable position to secure new loans to consolidate their debt. Even if you do qualify for a debt consolidation loan, you might realize it won’t be sufficient to pay your other bills, and then it may be time to consider bankruptcy as a viable alternative to wipe out your debts and get a fresh start.
Contact the Law Office of Seni Popat for a Free, No-Obligation Bankruptcy Consultation
The strong effects of bankruptcy mean you should always consult with a bankruptcy attorney before pursuing it. If you cannot secure a debt consolidation loan or pursue other strategies to bring your debt under control, it might be worth it to pursue bankruptcy as your best option. Our law firm can help you decide which option is best for you. Simply reach out to us at (718) 340-3385 or contact us online to get started with a debt management plan that suits you best. We offer nonjudgmental legal advice and can relieve the overwhelming burden of high debts.
To reach out to the Law Office of Seni Popat, please call (718) 340-3385 or reach out online now for a quick response.