' How to Get Out of Debt: Exploring Your Options - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How to Get Out of Debt: Exploring Your Options

how to get out of debtDebt is a pervasive issue that affects millions of people worldwide. It is hard to escape debt, especially if you have accumulated a high amount of it. However, it is possible to get out of debt with proper guidance and discipline.

What are your options for getting out of debt and regaining your financial freedom?

Budgeting

Budgeting is the most important factor when it comes to getting out of debt. A proper budget helps you create a balance between your income and expenses. It enables you to prioritize and allocate funds towards paying off what you owe. Write down all your monthly expenses and income, then track them regularly for you to keep control of your finances. Make sure you include all debts in your budget and use any excess funds to pay off what you owe.

Consolidation

Debt consolidation is an effective strategy for reducing the amount you owe. It involves taking out a low-interest loan to pay off many high-interest-rate loans. This method not only simplifies the repayment process but also reduces the overall interest costs. You will only have to worry about one payment per month, freeing up funds for additional expenses. This strategy is particularly helpful for large balances with multiple lenders.

Settlement

Debt settlement involves negotiating with your creditors to pay less than the full amount owed, typically through a lump sum payment. This process is best handled by settlement companies that negotiate on your behalf. However, this strategy can be risky since there is no guarantee your creditors will accept the offer of a lower amount.

Bankruptcy

Bankruptcy is an option most people want to avoid since it has severe consequences. It involves filing for bankruptcy under Chapter 7 or Chapter 13, which will discharge most of your debt or create a payment plan to settle the debt.

While filing for bankruptcy releases you from unsecured debts, such as medical bills, credit cards, lawsuits, etc., it also leaves a scar on your credit history. It is advisable to consider this option as a last resort if there is no other way out of your financial crisis.

Seek Professional Help

If you feel overwhelmed by financial problems, it might be time to seek professional help. Debt counselors can provide personalized plans to help you get rid of what you owe. They analyze your income flow, expenses, and debts to determine the most valid plan for you. Some of the counselors offer management plans that help consolidate debt, and reduce interest rates, and monthly payments.

Debt can be overwhelming if left unchecked. However, there are ways to deal with it. Budgeting, consolidation, settlement, and bankruptcy are some of the most effective ways to eliminate debt. It is advisable to seek professional help if you feel overwhelmed. This way you can have a clear understanding of your options. Getting out of debt is not a sprint. It’s a marathon. It requires discipline, guidance, and patience.

For more information about debt or if you’d like to speak to someone about your options for dealing with debt, contact the Law Offices of Robert M. Geller at (813) 254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can Bankruptcy Stop Foreclosure?

Many people face the distressing prospect of foreclosure on their homes. If you find yourself in this situation, it's crucial...
Read More

How Much Does It Cost to File Bankruptcy in Florida?

Financial challenges can be overwhelming. For many individuals, bankruptcy becomes a viable option for a fresh start. Many clients are...
Read More

How to Get Out of Debt: Exploring Your Options

Debt is a pervasive issue that affects millions of people worldwide. It is hard to escape debt, especially if you...
Read More

How Will Bankruptcy Affect My Child Support Obligations?

Parenting can be tough, and it's even harder when you're facing financial difficulties. Struggling with debt and bankruptcy can cause...
Read More

Student Loans: Is Discharge in Bankruptcy Possible?

Student loans have become a necessary evil for most students to pursue higher education. The cost of education has increased...
Read More

Should I File Bankruptcy for Credit Card Debt?

Credit card debt can be a huge burden on our financial lives. The pressure to make payments, maintain balances, and...
Read More

Can Bankruptcy Stop Wage Garnishment?

Wage garnishment is a legal process in which a creditor can collect a debt by receiving a court order that...
Read More

Bankruptcy Guide: How It Works, Types, and Consequences

Dealing with money problems can be a stressful and overwhelming experience. Sometimes, debt can become unmanageable, and it may feel...
Read More

What to Say to Someone Going through Financial Problems

Financial problems can be one of the most stressful experiences a person can go through. If you know someone who...
Read More

How Do People Get Into Debt?

How do people get into debt? Are you struggling with debt? Do you feel like the weight of your financial...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions