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Talk to your Cincinnati bankruptcy lawyer before you take on a consolidation loan.
Your Legal Helpers Cincinnati bankruptcy lawyer understands that consumer debt rose to a record high $2 trillion last year. As a respected Cincinnati bankruptcy lawyer, he is very aware that number adds up to more than $18,000 per household. Many of his clients are credit card holders who have taken on a great deal of debt. Others are faced with overwhelming medical bills. Your Cincinnati bankruptcy lawyer recommends that you consider all of your options.
Your Legal Helpers Ohio bankruptcy lawyer realizes that many people immediately are drawn to the idea of taking out a debt consolidation loan. While that may sound like a fast answer, your Ohio bankruptcy lawyer would like to warn you that it may lead you into more trouble.
Several debt consolidation companies are under investigation for a wide range of illegal activities. Several have been accused of simply keeping the money sent in by their clients and not repaying their creditors.
The Better Business Bureau reminds consumers to beware
The Better Business Bureau says to beware of any debt consolidator who guarantees that they can repair your credit. Only your efforts over time can improve your credit rating. When interviewing credit counseling services, the BBB recommends that you ask questions such as:
- Is this service or agency accredited?
- Are your counselors certified?
- Will your funds be protected and how?
- Will you develop a plan that will meet my needs and goals?
Attorneys including Legal Helpers also offer budget counseling. With our service, this first session is free. In addition, if your debt load is too great, we can take the steps needed to file for a Chapter 13 on your behalf.
Once we have filed, a court order will protect you from harassment. It also stops interest and late fees, as well as protects your home and your car even if you are behind on those debts.
Getting credit after a Chapter 7 liquidation filing is easy for most consumers. Mortgage loans are available in as little as six months, while many debtors report getting new credit cards before their case is even completed.
The spread of credit scoring has helped erase the stigma of filing, since score formulas weigh recent behavior more heavily than past behavior. Someone who handles credit responsibly after filing, credit experts say, often can boost a credit score far more quickly than those who continue to struggle with debt.
So, before you take on more debt - talk to Legal Helpers.
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