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How should you repay debt?

The economy has been rough on many Michigan residents for the past several years. Since the Great Recession began in 2008, many people have had to learn to live on less. For many, this has meant to during to credit cards to pay medical debt and everyday expenses. In some cases, this debt has become overwhelming leading to late payments, high interest and penalties. Some may be experiencing frequent, embarrassing or harassing calls from creditors trying to collect on these past-due bills.

If you are in this situation, you may be wondering -- how should I repay my debt? While this blog post cannot provide specific advice for a particular situation, people should know that debt relief options are often available to help people regain a handle on their debt.

The first step in doing this is having a full picture of your financial situation. People need to figure out how much debt they owe and who they owe it to. Additionally, people need to figure out exactly how much income they need to pay for their personal expenses and how much excess they have to pay down debt.

Then, people can begin to tackle their debt. In some cases, you may be able to negotiate with creditors to lower the amount that is due or when it is due. Creditors may be willing, for example, to accept a lump sum payment. In other situations, consolidating debt with a new loan may make the most financial sense. Finally, in others, bankruptcy is a viable option to eliminate many of a person's debts.

By getting a solid plan in place to pay down debt, you can give yourself a fresh financial start. However, it can often be a complicated legal process to make this happen. An attorney can help people create a plan that works best for their specific situation.

Source: Findlaw, "Repaying Debts," accessed June 20, 2015

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    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

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    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

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    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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