For help with debt relief
, contact Stewart E. McDivitt, Attorney at Law
in Montour Falls, New York, to learn about your financial options.
There are 2 ways to deal with debt. You either pay it, or file bankruptcy to remove your debt when you cannot pay it. When you have a lot of debt, especially credit cards, and you are only paying the minimum monthly payments, you are not paying it off because of high interest rates.
Studies have shown that when you are struggling to pay your bills, most people can only discipline themselves for 3–5 years to pay off debts. If you want to pay your debts off in 3–5 years, you have to pay more than the minimum payments.
To see if you can afford to pay your debts in 3–5 years, make a budget. Determine what your monthly take-home income is from all sources, and then determine your monthly living expenses.
When you do have money left over after doing your realistic expense budget, then you have to determine if it is enough to pay your bills off in 3–5 years, remembering the interest. When you don't, or it is close, schedule a free, 1-hour consultation with our office to discuss your situation.
If you are having financial problems, you can continue to struggle or stop paying your bills, which causes creditors to call, sue you for the money you owe, and garnish your wages or freeze your bank accounts and sell all your assets.
Another option is working harder to earn more money to pay off the debts within 3–5 years. A great way to figure out how to pay off your debts in this amount of time is with debt counseling. While most advertised debt counselors are in it only to make money, we actually care about your needs.
Another option is to call your creditors to work out a solution. Sometimes they will help, though usually they won't. Your final option, and the least desirable, is to file for bankruptcy. When this is the last resort, let us help you.
Contact us in Montour Falls, New York, to schedule an appointment for our legal services.