Many people will tell you that one type of solution for debt problems is better than others for several reasons: They’ll say that one solution is the best for your credit report; that one solution is cheaper than others; and even that morality favors one solution over others.
Considering Your Options
But when you are considering what to do about our overwhelming debt, it’s best to consider all of your options. That’s the only way to know what works best for you. You’ll want to avoid the disappointment that happens after you decide on an option and implement it, only to discover that it wasn’t the right way to go, especially after finding out about another solution that would’ve been a lot better.
When you’re solving debt problems, you need to consider all the relevant information up front in order to decide what’s right for you. Once you’ve chosen a path to solve those debt problems, it’s difficult, if not impossible, to go back and opt for a different solution.
How to Find The Right Solution For You
Finding the right solution means examining your entire financial situation, looking at everything you own and everything you owe. Then look at how all the available solutions would apply to your situation. Don’t leave out any potential solutions, no matter how crazy they sound: Compare the likely results of debt settlement, Chapter 7 bankruptcy, Chapter 13 bankruptcy, and of doing nothing at all. What are the effects of each solution on your overall financial health? On your credit? How much could each one cost, both over the long term and over the short term?
How To Gather Information
Make sure that you’re examining and comparing the facts of how each solution actually applies to your situation, not your hopes and fears around each of them. Get advice from people who know what happens when each solution is applied to your type of financial situation. Talk to someone who actually settles debts, not just someone who used a debt-settlement company or who works to sell a company’s debt-settlement services. Find out if that debt-settlement company you’re considering is operating legally in the State of New Jersey.
Talk to one or more bankruptcy attorneys. Find out if you qualify for bankruptcy. Find out what would happen to your financial situation under each of the different chapters of bankruptcy. Ask them what might happen if you sat back and did nothing. It might sound crazy, but doing nothing is a viable solution for some people.
When To Lay Out Your Hopes And Fears
Only after you objectively consider the facts, can you decide whether your hopes and fears are grounded in fact. Do your research. Talk to professionals who have seen situations like yours and who have seen the outcomes of the various solutions. Then decide.
If you need to speak with a professional who has helped others file bankruptcy, settle debts, and guided others in doing “nothing” about their debts, call and schedule a phone consultation with attorney Jennifer Weil at (201) 676-0722 or schedule your own phone call at my Setmore page.
