St. Clair Shores Debt Relief Lawyer
Bringing Solutions to Clients in Macomb, Wayne, St Clair & Sanilac Counties
If you are in over your head in regard to debt, you need answers and solutions. Finding the right debt relief solution for your individual situation requires knowledge and advice from a trusted source. You may be facing the loss of your home through foreclosure, repossession of your car from your lender, or wage garnishment issued on behalf of creditors through the court. You may know little about the options available to you, how they work, and if they are recommended by financial professionals.
Fortunately, you can seek experienced legal advice and help from a well-respected attorney and team at Joseph L. Grima & Associates P.C. Our firm has assisted thousands of individuals and couples facing overwhelming debt. We understand the stress you are under and the urgency involved in finding the right solution that aligns with your goals and needs. Our mission is to help you resolve your financial crisis with positive action that will put you in the driver’s seat of your finances once again and keep you there.
Connect with our St. Clair Shores debt relief attorney at (313) 385-4076 or online for a free case review concerning your financial scene.
Debt Relief Options
Various options exist that can help you resolve your debt overload.
- Debt consolidation
- Debt settlement
- Chapter 7 or Chapter 13 bankruptcy
Debt consolidation involves combining all of your debt into one monthly payment under a new loan or credit card. This may be a good solution if the interest rate of your consolidation loan or card is lower than what you are currently paying on your other debts. Many credit card companies offer balance transfer cards with a promotional period of zero percent. However, you will need a good credit score to qualify. You may also qualify for a fixed-rate consolidation loan through various lenders.
Debt settlement involves stopping your payments to creditors and putting your money into a separate savings account managed by the debt settlement company. This company then negotiates with your creditors after enough funds have accumulated to make a lump sum settlement offer. However, while your funds are accumulating, you will still be accruing penalties and your nonpayment may even lead to legal action. Unfortunately, the debt settlement industry is notorious for scamming people and is not recommended. National consumer agencies such as the Federal Trade Commission and the Consumer Financial Protection Bureau have urged consumers to exercise extreme caution when considering this option.
You can also try negotiating with your creditors on your own. They may have hardship programs that will provide options. You may also be able to negotiate for a lower interest rate or reduced payments and a halt on penalties.
Finally, bankruptcy is a good solution for many people. It has been established by the government as a viable and accepted way to eliminate or reduce runaway debt and give you a fresh start. It can immediately end the nightmare of creditor harassment, stop wage garnishment, repossessions, and foreclosures. If you don’t qualify for or want to pursue the liquidation form of bankruptcy through a Chapter 7, you have the option of reorganizing your debt into one monthly payment through a Chapter 13. Our firm can educate you on the process, determine your qualifications, and help you navigate through all the steps.
Contact Joseph L. Grima & Associates P.C. to Discuss Your Debt
Before you decide to take any debt relief action, we recommend that you talk to our attorney. Learn the ins and outs of potential debt relief solutions and how they will impact you in the short term as well as in the long term. Our firm brings decades of experience to your problem. We can provide the trusted guidance you need to pursue the right answer for you and your family.
Call (313) 385-4076 or contact us online to set up your free consultation today.
Contact Our Firm Today!