Gain Assistance from a Long Island Bankruptcy Attorney
If you are like many people in Long Island, chances are you have multiple credit cards in addition to other loans for cars, houses, or other expenses. Juggling all these expenses can be difficult and trying to remember to pay off six or seven different creditors each month can be even more trying. At Jacoby & Jacoby, we understand the financial binds many people are in these days and we are willing to do whatever it takes to help them, and will do the same for you.
Debt consolidation is an option for people with outstanding debt from multiple sources that will pool all the debts into one collective group. By combining all the debts, you can pay it off in one lump sum every month, significantly reducing the amount of time it took to pay off multiple expenses. Debt consolidation also typically reduces the amount of interest you would have paid over the total life of the loan because by consolidating all the debts into one, you pay them off sooner at a fixed or lower interest rate.
Methods for Consolidating Debt
Chapter 13 bankruptcy is a good option for those looking to consolidate their debts because filing under this Chapter will allow you to pool your debts together and pay them off between 3 and 5 years. Individuals who claim Chapter 13 bankruptcy typically end up paying only a portion of their total debt as well, which is another reason why it is such a good option.
A Long Island bankruptcy lawyer from our firm can help you figure out whether or not this is the best way for you to consolidate your debt. If you decide to file for Chapter 13, a lawyer will help you file the necessary paper work and gather the proper information you will need to successfully file so that you can consolidate your debt and regain control over your finances.
