CT Credit Card Debt Lawyer Discusses If There Are Any Options if You Fail to Pay a Debt
I am often asked as a CT Credit Card Debt Lawyer about options if you fail to pay a debt. When you have a number of debts that are past due or of which you’ve defaulted, such as with credit cards as well as an automobile, there are five options that you should consider. The first option that comes to mind is bankruptcy, and it’s important to consult with a competent and qualified bankruptcy attorney in connection with that option. Another option that the bank will offer is a restructuring plan where the credit card is paid off under a longer duration at a lower interest rate.
The third option that’s available is something called ‘debt consolidation’. This is where a number of your credit card debts or monthly payments are put together into a single lump sum payment which you make to a third party and they in turn pass on those payments to your original credit card creditors. Finally, there is the option of debt litigation. I advise clients as a CT Credit Card Debt Lawyer that this is where you can’t afford to make any payments at the moment and you want to use or gain some time in which to raise the funds in which to settle the debt at a discount from the original or alleged outstanding balance or amount due.
If you have failed to pay your debts and are no able to catch up, contact our experienced CT Credit Card Debt Lawyers.