Palmdale Personal Loan Lawyers
Personal loans are the second biggest source of debt in America after credit cards, and many people borrow in this way because they carry lower interest rates. Still, they can come with the same debt collection threats if you fall behind in payments. Eventually, the lender may sue you in court for the entire amount, including interest, late fees, and other legal costs. You might expect that your only way out from crushing debt is bankruptcy, but there may be other options depending on your circumstances.
At Wadhwani & Shanfeld, we are committed to finding the most advantageous solution to your personal loans and debt situation. Our knowledge of bankruptcy laws and skills with negotiations enable us to advocate for you no matter what route suits your situation. Please contact our firm to set up a consultation with a Palmdale personal loan debt lawyer. We will provide personalized advice after learning more about your financial state. Plus, a synopsis of your options is useful.
Bankruptcy for Personal Loan Debt
Chapter 7 bankruptcy discharge may be an option if you qualify under the strict eligibility rules, which are based upon income. You will not lose exempt assets through the process and can eliminate personal loans.
Chapter 13 is debt reorganization bankruptcy, and it may be the right fit if you do not qualify for Chapter 7. Your debts are restructured into a single amount that you can afford, and your personal loan debt can be included in the debt repayment plan. You will have three to five years to complete the plan, and emerge debt-free at the conclusion.
If Chapter 7 or Chapter 13 are not the best way to resolve personal loan debt, there is another option outside bankruptcy. Debt settlement could offer benefits, in which you work out an agreement with the creditor to reduce what you owe. Creditors are often willing to agree because they realize you could take the alternative route and file bankruptcy. In such a situation, a creditor might get nothing, so you have leverage in debt settlement negotiations.
Assistance with Your Options
At Wadhwani & Shanfeld, we are committed to pursuing all opportunities to help you get control over your debt. You can trust our Southern California personal loan debt lawyers to:
- Consult with you on your personal loans and the bigger picture of your debt;
- Determine an appropriate strategy based upon your situation and goals;
- Assist with filing petitions for Chapter 7 or Chapter 13 bankruptcy; and,
- Attend all necessary hearings, including the final hearing to close the case.
We are also ready to discuss debt settlement and are skilled in negotiating with creditors.
Schedule a Consultation with a Palmdale Personal Loans Lawyer Today
When personal loans are adding up and you are overwhelmed by debt, you need to consider all options to resolve your finances and move forward. Our team at Wadhwani & Shanfeld will advise you and assist with the essential tasks, so please contact us to schedule a consultation. A Southern California personal loans lawyer can explain additional details.