June 25, 2019
A lot of people find themselves surrounded by consumer debt, including high interest credit card bills, as well as high mortgage payments, and student loan payments. With so much debt, it may seem impossible to manage it, much less to ever be able to save money. A recent report from thesimpledollar.com reveals that the average American household has $7281.00 in credit card debt. This number includes many households who have no credit card debt at all. If the households with no credit card debt are excluded, and only those households with credit card debt are included, the household average for credit card raises to $15,609.00. Bankruptcy is only one of many options. We also offer non-bankruptcy debt relief strategies. For modest debt we can make a referral to a reputable non-profit organization to assist with budgeting feasible monthly payments. Additionally, we can often negotiate "workout" settlements for an amount considerably less than the full debt, though there are some tax consequences. Sometimes, we may represent you in court if you feel, for example, your debt is unjust, wrongfully being collected, garnished, or calculated incorrectly. For larger debt and to avoid adverse tax consequences, bankruptcy may be your best plan. To avoid foreclosure, we can refer you to reputable non-profit agencies that can assist with a loan modification package, or in some cases we can assist by filing a chapter 13 bankruptcy. While discharging student loan debt is rare in bankruptcy, there are a multitude of relief options for possibly lowering your student loan obligation. At the Law Office of Donald S. Goldbloom, we assist clients who are struggling to manage debt. Our representation includes matters relating to debt-relief including bankruptcy, referrals regarding loan modification, student loan matters, debt negotiation/settlement, and court representation for those being sued by their creditors. If you are in a situation where you can no longer manage your debt yourself, give us a call at 301-895-5240 to see what we can do to help you.