Become Debt Free
What is your total amount of debt?
3 Options To Best Serve You
1
Debt Consolidation
Debt consolidation is the process of combining multiple debts into a single loan or payment plan, often with a lower interest rate.
2
Debt Settlement
Debt settlement involves negotiating with creditors to reduce the total amount owed, often by paying a lump sum that is less than the full debt.
3
Bankruptcy
Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay their debts under the protection of the court.
Debt Consolidation
- Combines multiple debts into a single loan or payment, simplifying management.
- Often results in a lower interest rate, reducing monthly payments.
- Does not reduce the total debt, but may extend the repayment period.
Debt Settlement
- Involves negotiating with creditors to pay a reduced amount of the total debt.
- Typically results in a lump-sum payment to settle the debt for less than owed.
- Can negatively impact credit scores, as it may be recorded as “settled for less than full balance.”
Bankruptcy
- A legal process that provides a fresh start by discharging or restructuring debts.
- There are two main types: Chapter 7 (liquidation) and Chapter 13 (restructured payment plans).
- Can severely damage credit scores and remain on a credit report for up to 10 years.