Explore Your Debt Relief Options with Confidence
Bankruptcy has helped millions get out of debt, but before you commit to a debt-relief plan, get the facts. Making an informed decision is crucial to avoid further complications when eliminating debt.
Use the following chart to examine your debt relief options. Remember, this chart is for informational purposes only and is not legal advice. Depending on your circumstances, one path may be better for you than another. There are no one-size-fits-all debt relief programs.
| DEBT RELIEF OPTIONS |
Can filing for bankruptcy help? | Can debt settlement help? | Can credit counseling help? |
|
Protect against: |
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| Foreclosure | Yes | No | No |
| Repossession | Yes | No | No |
| Lawsuits | Yes | No | No |
| Wage Garnishment | Yes | No | No |
|
Eliminate or Reduce: |
|||
| Accounts Referred To Collections |
Yes | Maybe | No |
| Credit Card Debt | Yes | Yes | Yes |
| Medical Bills | Yes | Yes | Yes |
| Utility Bills | Yes | Yes | No |
| Payday Loans | Yes | Yes | No |
| Tax Debt | *Maybe | No | No |
| Divorce-Related Debt | *Maybe | No | No |
| Student Loans | *Maybe | No | No |
|
When Does the Relief Begin? |
|||
| In most cases, you STOP paying bills immediately after your case is filed. Collection efforts (creditor calls, foreclosure and repossession) are court-ordered to STOP | Typically have to make many monthly payments; including interest and late fees | Typically have to make many monthly payments; including interest and late fees | |
|
Can It Impact Your Credit? |
Yes | Yes | Yes |
*Discharged in bankruptcy under unique circumstances.
Talk to a bankruptcy lawyer today about your options.
When Does the Relief Begin?
- Bankruptcy: In most cases, you stop paying bills immediately after your case is filed. Collection efforts are court-ordered to stop.
- Debt Settlement & Credit Counseling: Typically involves making many monthly payments, including interest and late fees.
Impact on Credit:
- All options can impact your credit. It’s important to understand how each might affect your credit score and future financial opportunities.
Talk to a bankruptcy lawyer today about your options. Our Kansas City Bankruptcy Attorneys at Walden Legal Solutions are here to guide you through every step of the process.