Debt Repair

Debt Repair

Debt repair is a method of reducing the amount of monies owed over the course of a year or longer. This process can include eliminating the use of credit cards and paying more than the minimum payments on some debts to reduce the total amount owed. Most people can work their way out of debt completely within one to five years of beginning the repair process.

How Debt Repair Works

Steven Taieb Law Bankruptcy Attorney Mount Laurel NJDebt repair can be accomplished using credit consolidation, credit counseling, debt settlement or by filing bankruptcy. Credit consolidation involves combining debts into one account and requires taking out a loan to pay off each individual company owed.

Credit counseling is often recommended, or even required in some states, before filing bankruptcy and can help clients identify debts and make a budget to repay those debts. Debt settlement allows clients to pay accounts off in one lump sum for less than the total amount owed, which can provide relief from monthly payments that accrue interest. Bankruptcy is a legal process that begins with identifying any assets to determine the ability to repay debt. This process can have an impact on credit scores for seven to ten years.

Finding Help for Debt Repair

Navigating the world of debt repair can be confusing, especially when creditors are sending overdue statements. Finding help is the first step to regaining control of finances. A company that uses a personalized plan to reorganize finances is a must when accounts are overdue and interest is building in accounts. The process of credit repair is based on the client’s personal financial state and their ability to make lump sum payments or monthly payments. Beginning with credit counseling is a wise choice.

With the right method of credit repair, finding a way to eliminate debt is less overwhelming.

Contact Us

For more information or to schedule an appointment with a caring and compassionate lawyer regarding debt repair, please contact us.

We are a debt relief agency and are pleased to help clients file for bankruptcy relief under the U.S. Bankruptcy Code.