In Oklahoma, the journey for becoming debt-free starts with careful strategies to manage debts. The tactics could lower the value of the overall debt and make it easier for the consumer to pay them off. A local attorney could provide real solutions for all the consumer’s debts.
Arranging Debt Settlement Options
A debt settlement offer is arranged by negotiating with the creditor. The settlement opportunities are available for accounts that are in collections. An attorney could negotiate the settlement offer, and the value of the debt could equate to fifty percent less than the original debt. The creditors may offer installment payments and/or lump sum offers for the consumer.
Modifying Current Loan Payments
Loan modifications could manage outstanding payments and late fees. The attorney reviews the loan documentation for predatory lending practices. The modification could afford the consumer with a better interest rate and more affordable loan payments. All overdue balances are often added to the end of the loan to bring the account to current. The process could prevent a foreclosure if the loan is a mortgage.
Starting Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a viable opportunity to settle debts at an accelerated rate. The claims allow the court to sell off assets to settle the debts. All proceeds generated from the asset sales are distributed by the court-appointed trustee.
The consumer turns over all deeds and titles for assets to the court for the sales. The debts that are included in the claim are paid off as the proceeds are collected. Within six months, the consumer could become completely debt-free.
Paying Off Excess Debts
Any debts that weren’t included in the bankruptcy claim should be paid off as well. An attorney could help the consumer generate a plan for settling the remaining debts. The plan is based on a budget and professional financial planning strategies.
In Oklahoma, consumers could utilize chapter 7 to become debt-free. Additional strategies are available through a bankruptcy attorney as well. The options include but are not limited to loan modification and negotiating settlement offers. Consumers who want to learn more about how to Get a fresh financial start can contact an attorney now.