Vance P. Truman, Attorney at Law
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Debt consolidation and avoiding bankruptcy in Ohio

Debt is a major problem in the United States, with millions of people owing trillions of dollars to debt collectors, credit card issuers and other consumer creditors. It is tempting to ignore debt-related problems when they seem unmanageable, but this inevitably makes the problem worse.

No debt problem is completely unmanageable, and legal advice can help determine the best way to consolidate debt or declare bankruptcy. Many options exist, including many that allow debtors to retain personal assets and avoid wage garnishment.

Communication is important in weighing one's options while recovering from debt. Creditors may assume the worst if they fail to hear from debtors, so mediators and debt counselors may help reach a settlement before the situation becomes dire.

Debt restructuring or consolidation can help reduce monthly payments and reduce future interest payments. Making minimum payments under this type of arrangement helps show that a debtor is willing to do the work to get out of debt and reduces damage to credit ratings and other financial indicators.

If consumer debt has caused a personal financial problem, debtors are advised to rethink their spending habits and cut unnecessary expenses while recovering from debt. This is a simple solution that frees up cash to pay down debt while creating better habits for financial health in the future.

Debtors shopping for debt consolidation solutions must also be wary of scams that exploit the need to recover from debt. This is another reason that communication is vital, and a legal advisor can help prevent or end the financial exploitation of those in debt.

Source: Cleveland 19, "Debt Consolidation," accessed Sep. 01, 2017

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