Many things can happen in life to cause you to get behind on your bills. Divorce, medical problems and job loss are just of few of the reasons that people commonly miss payments. After you miss a few payments, late fees and interest can make it nearly impossible to catch up without help. Sometimes a creditor will be understanding and give you additional time to make up the missed payments without closing your account or sending the debt to a collection agency. If your creditors are not compassionate, you need to contact Law Services in Liberal KS.
A lawyer can review your credit situation and help you determine the best method of getting out of debt. For some people, credit counseling is a good option. Credit card companies are usually willing to work with people who seek the services of a credit counselor because they hope to get at least some of the money they are owed. The creditors understand that if you file for Chapter 7 bankruptcy, there is a good chance that they will not receive any more payments on your debt.
If your financial problems are making it hard to keep up on your mortgage payment, a loan modification may help you keep your house by lowering your monthly payments. A lawyer may help you fill out your application and secure all of the documentation needed by the loan servicer to determine if you qualify for a modification.
Finally, if other options won’t work for you, bankruptcy may provide the resolution you need for your debt problems. Law Services of Liberal KS may discuss your debt and your goals with you to determine if filing for bankruptcy protection is the best solution to your financial issues. Bankruptcy can help you get rid of your debt but there are also disadvantages of using this method of legally erasing your bills.
There will be a notation on your credit report for up to 10 years and everyone who requests your credit record will see it. You won’t qualify for a mortgage for a few years and lenders may be hesitant to loan money to you. For more information on the pros and cons of bankruptcy, visit our Facebook Page or watch us on youtube.
