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Some alternatives to bankruptcy might not always prove fruitful
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Some alternatives to bankruptcy might not always prove fruitful

| Aug 27, 2020 | Bankruptcy

When it comes to dealing with significant financial challenges, individuals in Georgia and elsewhere may find that there are a variety of topics to consider prior to choosing a path for relief. In some cases, those who feel uncertain if bankruptcy is the healthiest path may turn to other outlets for relief, such as debt consolidation. While debt consolidation offers may seem appealing at first glance, there are a variety of potential risks associated with similar methods, some of which could lead to deeper monetary concerns in the future.

The idea of lowering monthly payments or overall payment amounts through a debt consolidation program may seem enticing, but things might not always turn out as planned. Experts indicate that in some cases, consolidation offers may do little to lower payments and interest rates on similar offers could still be just as high as those on other credit accounts. There is also a chance that such an offer could come with an extended repayment period that could leave a person paying more than the original amount owed.

Falling behind on payments on a debt consolidation plan can also bring about devastating repercussions. In addition, those who clear balances on credit cards through consolidation may be more inclined to resume using accounts for purchases, which may only complicate matters further. In some cases, debt consolidation may only prove to be a temporary fix to a growing concern, whereas an option such as bankruptcy could help place a person on a path to pursuing a brighter financial future.

Individuals who wish to explore the possible benefits of seeking relief through bankruptcy but remain hesitant about making such a major financial decision could benefit from seeking guidance on their options. Those facing a similar scenario could find it helpful to consult with an attorney for insight in making informed decisions about their situation. An attorney in Georgia can address all a client’s concerns and assist in developing a plan to reduce or eliminate his or her debts through the necessary channels.

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