Menu Contact
866-504-5969
662-655-1012
View Our Practice Areas

Getting a handle on debt

It is not uncommon for individuals in Mississippi and other states to have debt. In 2018, Americans held more than $1 trillion in combined credit card debt balances. Individuals may also have personal loan, payday loan or medical debt to contend with in addition to mortgages or student loan balances to pay down. To help a person better handle his or her finances, it can be a good idea to list all the debts he or she has.

Ideally, a person will list the balances on those debts, the interest rate charged by a creditor and when each payment is due. This can make it possible to develop a strategy to pay down the debt in a timely manner. Listing the interest rates for each debt can help debtors figure out how much it is truly costing them. By knowing the due date of each payment, it reduces the odds that payments are made late.

Late payments can have negative consequences on a person's credit score and history. There could be options for those who can't make a payment on time such as deferring a student loan payment. Other lenders may be amenable to alternate payment arrangements as they would rather get some of their money now as opposed to getting nothing.

Debtors who are having financial challenges may be able to overcome them by filing for bankruptcy. This may put a stop to a foreclosure or repossession as well as postpone a lawsuit or other collection actions. An attorney may explain the process of filing and inform a person whether they are eligible for a Chapter 7 bankruptcy. Chapter 7 may be preferable for those with few or no assets as debts may be discharged in a matter of weeks.

No Comments

Leave a comment
Comment Information

Don’t wait any longer.Request a free initial meeting now.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Get driving directions to our office.

O'Brien Law Firm, LLC
1890 Goodman Road East
Southaven, MS 38671

Toll Free: 866-504-5969
Phone: 662-655-1012
Fax: 662-536-7292
Fax: 662-796-0239
Southaven Law Office Map