Finding The Right Debt Solution For You

Bankruptcy carries such a stigma that many people will do anything to avoid it. This includes working with debt consolidators. Debt consolidation companies know this fact about people and use it to take advantage of them. In many ways, debt consolidation is a much less effective means of resolving a difficult debt situation than bankruptcy.

A comparison of debt consolidation versus bankruptcy on various factors includes:

Debt ConsolidationBankruptcy
Do all creditors have to participate?No. Several major credit card companies simply refuse to participate in any debt consolidation efforts.Yes. All of your creditors are forced to come to the table.
What sort of repayment plan is used?Debt consolidators use a repayment plan to help bring you current on your debts. The difference between debt consolidation and Chapter 13 is any debt you owe your creditors will likely include you receiving a 1099 which will require you to pay taxes on the dropped debt. Those taxes can be substantial.A three- to five-year repayment plan is used in Chapter 13. Payments are often lower through Chapter 13. Leftover debt is discharged at the end of the repayment plan. Chapter 7 has no repayment plan. Unsecured debts are discharged in a matter of months typically.
What damage is done to my credit?You may not be able to discharge all debts and that can make it more difficult to rebuild your credit.After bankruptcy, people are often attractive to creditors. You can begin rebuilding your credit right away.

Providing People With An Individual Analysis Of Their Debt Situation

The best way for you to understand what type of debt relief will best benefit you is to discuss your situation with a debt relief professional. We offer free consultations where we can help you understand the benefits of bankruptcy and how best to pursue the debt relief you deserve.

We Have Helped Thousands Of People Get A Fresh Start

At Vance P. Truman, Attorney at Law, in Medina, Ohio, our firm has helped thousands of people over the more than 20 years we have been helping people. We know the advantages bankruptcy offers over debt consolidation, and we are committed to helping you find the right solution for you. Over the years, we have helped many people file for bankruptcy who had previously been through the debt consolidation process unsuccessfully.

We provide free initial consultations so that we can learn more about your situation and determine how we can help you. Call 330-591-4729 or contact us online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.