Making financial decisions are not easy — especially in light of the economic circumstances our country has been facing for the last few years. Individuals are carrying more debt including mortgages, student loan debt, medical debt and credit card debt. Without understanding the nature of the type of debt you have, it is difficult to know which debt is most important to pay. We can help you make smart decisions on how to pay your debt.
Innovative and Experienced
At Dever Legal Services our law firm is experienced and knowledgeable in handling foreclosures, short sales, loan modifications and bankruptcy. Located in West Chester, near Cincinnati our lawyer works with businesses and individuals throughout southwest Ohio assisting them in making savvy financial choices. Our law firm finds creative and innovative solutions to assist our clients and put them in the best possible situation to move forward with their lives.
There are Different Types of Debt?
We often see clients who do not have enough money to pay all of their bills. Frequently these clients have to decide what is most important to pay. In order to understand which debt you should pay first, you need to know that there are two types of debt:
- Secured Debt: This type of debt generally includes your mortgage, car loan, promissory notes, and home equity loans.
- Unsecured Debt: You can identify this type of debt because there is no collateral. It includes credit card debt and medical bills.
Often times, the inclination is to pay the credit card bills first — however legally, that is not the most practical way to pay your debt. Our advice to you is this: always pay secured debt first. Failure to pay your mortgage results in poor credit faster and can lead to foreclosure.
Other unsecured debt, like credit card debt and medical debt can be negotiated down. Our firm works with clients to help negotiate these situations and can negotiate debt down to a small percentage of what was actually owed.
Contact a Debt and Foreclosure Lawyer Today
If you need assistance with your financial debt contact an attorney at Dever Legal Services by e-mail or by calling 866-930-1054.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
