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Debt Relief Options: How to Deal with Debt

The process of getting relief from debt is a cause of stress and concern for millions of Americans. The thing is, once your debt is beyond control, you might end up being helpless and uncertain of your future.

Fortunately, there are options available for you to get that much-needed debt relief in Arizona. Barski Law Firm PLC cites some of them.

  • Don’t Do Anything – In general, this option is only available for individuals who are “judgment proof”. This means even if your creditors file a lawsuit against you and obtain a judgment from the court, they still won’t be able to collect payments from you, explains an experienced debt relief attorney in Arizona.
  • Try Negotiating with Your Creditors – You could try suspending or reducing your monthly mortgage payments temporarily or lower your monthly credit card interest rate or payments. The key is to be honest with your creditors about your situation and try to work out an agreement with them.
  • Consolidate Your Debts – This is especially useful if you have a high credit card debt. You could apply for a debt consolidation loan with a lower interest rate for paying off your credit card debt.
  • Consider Bankruptcy – Filing for bankruptcy might be the most viable option for you if negotiating with creditors isn’t an option, if you’re looking to stop wage garnishment, or if you need more time for catching up on your secured debt.
  • Ask Your Family and Friends for Help – While this is an option for the short term, you might consider this if you’re honest with your family and friends and have a real plan for repaying your debt.
  • Seek Legal Counsel – If you’re uncertain which debt relief option is the most appropriate for your case, it’s best to get help from a lawyer.
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If you don’t know where to begin, list down all your debts and the required minimum payments for each. Learn about your income and expenses, so you can get a better picture of where exactly you stand. This way, you would know exactly how much debt you would need to pay off, so you can make a more informed decision.