Debt Consolidation Loan and Bankruptcy

: Chris Lee Law Firm

  Filed under: Loans


When you have financial problems, a loan can be a solution. Whether due to existing issues or those brought about by quarantine, which forced commerce in almost every city in the country to close its doors, causing enormous losses, and taking even the most experienced businessmen by surprise and many employees losing their job unexpectedly.

The situation is so severe that it even provoked proposals for changes in the Bankruptcy Law, granting more deadlines for payment of debts and extinguishing interest on arrears, for example. One of the experts recommended by the experts is to make a debt consolidation loan in such situations. Although this solution will not solve all the problems, it may prevent them from getting worse.

Not Everyone Can Get a Loan, or Needs To

This loan is nothing more than a sum corresponding to the total value of all debts. It makes it possible to pay them all at once, leaving only one, the consolidation loan. Not everyone qualifies for a consolidation loan, especially if you have missed or late payments on your credit report. In those instances, bankruptcy may be a viable option for you. You can eliminate all of your qualifying debt with bankruptcy, such as medical bills, credit cards, and payday loans.

When you turn unsecured debt into secured loans by using your home or property as collateral, you could lose it all if you are unable to make the payments. In these unpredictable times, it is difficult to know if you will still be employed when the pandemic is contained.

Contact a Fort Worth bankruptcy attorney today to find out how you can get financial relief without having to make monthly payments on a consolidation loan.

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