Wouldn’t it be great if you could wave a magic wand and the fairy godmother would come along and just make all your bills go away? WSFL Trusted Advisor, Attorney Chad Van Horn, specializes in bankruptcy and has information on how you can settle some of your debts.
Pretty much any debt can be settled, but federal student loans may be a little harder to deal with, says Van Horn.
"Creditors sometimes are willing to settle the debt for less because they'd rather have some money than no money," he says.
Van Horn Law Group will help you budget your money to see if a payment plan will work for you. If you can pay off 80% or all of the debt in a reasonable amount of time, debt settlement might be an option. If it would take a decade or longer to pay off the debts, you'd be in better shape filing bankruptcy.
Even though bankruptcy sounds scary, Van Horn says if you're struggling to pay your bills and stay afloat, it is the better option. This will help you start rebuilding your credit faster.
Making sure all the negative impacts are off your credit, will kickstart the rebuilding process. Anything you have that's still in good standing will start gaining you points.
"Believe it or not after bankruptcy, I'm seeing clients 12, 18, 24 months after they file qualify for mortgages and be in the 700 credit score again," he says.
You can go to VanHornLawGroup.com to set up your consultation!