WE CAN HELP

WE CAN HELP

BANKRUPTCY   ALTERNATIVES

Thousands of people face the possibility of declaring bankruptcy every day. It can be stressful, frustrating and scary. But what these distressed people do not realize is that there are alternatives. To filing bankruptcy. This is where David Soble’s expertise will help – with the help of a knowledgeable and caring debt attorney, you can avoid declaring bankruptcy and get your finances back on track.

WHAT IS BANKRUPTCY AND WHY SHOULD I AVOID IT?


Bankruptcy is a legal process that is used to help consumers (or businesses) repay their debts. Once bankruptcy is filed, your lenders and creditors cannot collect from you until the bankruptcy court dismisses the case or you are ‘discharged.” There are two common types of bankruptcy: Chapter 7 bankruptcy, which is the process of liquidating assets to pay off debt, and Chapter 13 bankruptcy, which reorganizes the debt into a regular payment plan to make it easier to pay off over time. Bankruptcy can have many negative consequences. If your assets are liquidated, you could lose your home, your car or your possessions. Bankruptcy negatively impacts your credit, which will limit your ability to borrow money in the future.

WHAT ARE MY ALTERNATIVES TO BANKRUPTCY?


Luckily, depending on your individual situation, there are several alternatives to declaring bankruptcy. David can help you decide which is best for you.

  • Negotiation: The first step to avoiding bankruptcy is to negotiate with your lenders and creditors. Most people are not comfortable with negotiating with their creditors, so they consult with an attorney negotiate for them. This is especially important if you have a steady income or assets. Creditors are less likely to work with a debtor if there are assets that you could liquidate. With an attorney, creditors are more likely to give you time to pay off your debts and may be willing to settle for a smaller amount than what you owe.
  • Debt consolidation: You may be able to consolidate your debts and create a steady debt repayment plan as an alternative to bankruptcy. This option is best for those who do have a steady income and would still qualify for a debt consolidation loan. Although this can be expensive over the course of time, it will ward off the prospect of losing assets.
  • Better budgeting: You may be able to avoid bankruptcy through a complete reorganization of your budget and some serious lifestyle changes. If you can re-budget to focus completely on paying off your debts, you may be able to avoid bankruptcy.
  • Voluntarily liquidating assets: If you have anything of value that you would be willing to part with, such as a car, second home or stock portfolio, consider selling it to pay off your debts. Although it may be difficult to lose your possessions, you can start saving to repurchase once you’ve gotten yourself out of debt, and you will avoid bankruptcy.
Although too much debt and aggressive creditors can be intimidating, you do have options for improving your financial outlook. Call David Soble today to discuss your options.

CREDIT CARD ISSUES

There are many upsides to having a credit card – it can help you pay for essentials when you are struggling financially and help you build credit over time. Many people are unaware of the potential pitfalls of using a credit card and before long, find themselves in high levels of debt and are unsure of how they got there. If you are struggling with high levels of credit card debt, you may feel like you are drowning in it and that there is no way out. However, this is not the case – a compassionate and experienced debt attorney can help you manage your credit card debt.

WHAT ARE SOME COMMON CREDIT CARD ISSUES AND HOW CAN I DEAL WITH THEM?


There are many different factors that can lead to high levels of debt and creditors harassing you. Each situation is different, but here are some of the most common credit card issues.

  • Consistently late payments: Even if you are meeting your minimum payment requirements, consistently late payments can cause you to incur late payment fees and higher interest rates, which increases your overall level of debt over time, as well as causing your creditors to harass you.
  • High fees and interest rates:  Many people don’t take the time to escalate themselves on their card’s interest rate and fees when they sign up, which can lead to some unpleasant surprises when faced with their bill. This is an especially common problem with store or brand credit cards. High interest rates can lead to you paying much larger amounts over time.
  • Overuse of cards: If you tend to swipe your card without thinking, before long you will realize that you’ve met or exceeded the spending limit on your account. This can have a very negative effect on your credit score, especially if you also tend to make your payments late.
There are many steps you can take to reduce or eliminate your credit card debt. First, make sure that you make all of your payments on time, and try to avoid using your credit as you are paying down the debt. However, if you have multiple credit cards with high levels of debt, or your creditors are harassing you, you may need to bring in David to help you.

DEBT CONSOLIDATION


The first thing to do with high levels of credit card debt is to consolidate it onto one card. There are many transfer credit cards that have no interest rates while you pay down your debt (although there are pros and cons to using them). Getting all of your debt in one place is the first step to paying it off and avoiding higher interest rates and fees. David can help you with this process.

DEBT NEGOTIATION


If you still find that you cannot make your payments after consolidating your debt, it is time to take the next step – negotiating with your creditors. You may be able to get them to settle for a smaller sum than what you owe. Having a debt attorney by your side is essential for this process – their knowledge and experience can help you get the best deal.

If you are struggling with credit card problems, call David Soble today to see how you can consolidate or negotiate your debt.

FAIR DEBT COLLECTION PROCEDURE ACT (FDCPA)

Are you struggling with debt? Do you have creditors harassing you to pay bills you cannot afford? A debt attorney may be able to help you negotiate your debts using the Fair Debt Collectors Procedure Act or FDCPA. Don’t waste your time stressing over your debt or negotiating with creditors yourself – there is a way out. David Soble is to help you.

WHAT IS THE FDCPA?


The FDCPA is a federal law that governs many aspects of debt collection behavior and practice. It was passed in 1978 to prevent debt collection practices that are abusive, deceptive, or unfair. Many people do not realize that they have rights as a consumer, and that if they are being unfairly harassed by a creditor, they can take legal action against them.

WHAT DEBTS ARE COVERED UNDER THE FDCPA?


This law applies only to consumer debt, not business or corporate debt. However, all types of consumer debt, including credit card debt, home and car loans, medical bills, student loans, and more are covered under this law.

WHAT PRACTICES ARE PROHIBITED UNDER THE FDCPA?


Although there are some exceptions to these limitations, for the most part, creditors are legally unable to:

Contact you at an unusual time or place. For example, they cannot contact you at work if you are not allowed to receive personal calls at work. They also cannot confront you publicly or in a place that is inconvenient to you.

If you are being represented by an attorney, the debt collector must contact your attorney instead of you. They cannot continue to harass you if you hire an attorney. This is one of the biggest benefits of hiring an attorney to get out of debt.

When creditors do contact you, they are required to inform you about the debt that they are collecting on. This means that they have to tell you who they are, how much you owe, and provide you with information on how to contact them so that you can either verify or dispute the debt.

If you choose to dispute the debt within a month of receiving the original notice, the debt collector cannot call you again until the dispute has been investigated and the debt has been verified.

This information is very important for all consumers to be aware of. If you are being unlawfully harassed by a creditor, seek legal help immediately. There are also many debt collection scams that are currently running – if you are being harassed about a debt that does not seem familiar or correct to you, the creditor may actually be a scam artist. It is very important to keep detailed records of your finances and debts for this reason.

You may feel like you are powerless as a consumer in debt, but with legal help, you can find a way out. If you are being harassed by a creditor, talk to David Soble today to see how the FDCPA can help protect you.
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