If you’ve become overwhelmed by debt, you may find yourself feeling desperate and anxious. But you need to relax, because the bankruptcy and debt reduction attorneys at the Woodland Hills offices of Cal West Law, APLC have a toolbox full of remedies for your predicament. Yes, both Chapter 7 and Chapter 13 bankruptcy are options, but not the only ones. One option you may want to consider is consumer credit counseling. A consumer credit counselor can help you develop a workable budget and payment plan to follow. The counselor can also reach out to your creditors to see if they’ll reduce interest rates and payment amounts. Creditors are more likely to take such actions if they see you are working to change your debt situation. But be careful, not all consumer credit counseling services are reputable and you may end up in more debt than you started with. Talk with an experienced attorney before you take any action.

Another alternative to bankruptcy you may want to consider is debt consolidation. Debt consolidation is basically borrowing money to pay off your debt. How does debt consolidation help? The trick is to get a loan whose interest rate is significantly lower than the rate you’re paying on your debt right now, thus making the payments easier to afford. But if you’re already carrying significant debt, you may have to put up some type of collateral to get a loan, such as your house or your car.

One more tool in your debt reduction toolbox is debt negotiation, also referred to as debt settlement or debt arbitration. Debt negotiation involves working with your creditor to reduce the amount of debt you owe. Often, a creditor will agree to accept a lesser amount of the total debt if it is paid in one lump sum.
Remember, there’s always a solution to your financial issues, the debt relief attorneys at Cal West Law, APLC is here to help. Call (818) 446-1334  for a free consultation.