Bankruptcy and Credit
First, you can work with your creditors to solve the issue(s) that you are having. Sometimes it is a change in interest rate or payment terms. Other times, it can be some kind of forbearance or settlement. If those options are not available, then your second option is considering filing for Bankruptcy. We have had success in helping our clients settle with creditors in order to close troublesome accounts. While there is a temporary dip in credit score, this tactic can avoid bankruptcy and create some immediate relief. Sometimes, with a lump-sum payment, accounts can be settled at a discount of around 35% of the principal.
If you are having credit and/or income issues, contact our office for a free consultation so that an attorney can discuss your options with you.
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For more information and helpful tips on child custody, visit our blog.