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The above video touches on several debt relief options that are available in Florida when you find yourself unable to pay for normal life expenses. But what happens when you don’t have any income from a job—at all—and bankruptcy isn’t something that makes sense for you? What should you be doing? Are there ways to protect yourself?
Yes and yes. As an Orlando bankruptcy attorney I’ve worked with lots of clients just like you who needed help but weren’t sure what they could do about their mountain of debt because they weren’t working. As you might imagine, this is a problem that has grown quite a bit in recent years with the economy the way it is, but luckily there are solutions.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
Non-Bankruptcy Debt Relief Options for the Unemployed in Florida
Here are just a few potential debt relief options that your lawyer can help you look into to get out of debt.
Forgiveness. If you’re out of work and don’t expect to have a job for a while, it’s usually not worth it for a creditor to keep harassing you for money. Instead, they’ll “forgive” your debt so that you no longer owe them. You will, however, still owe taxes on whatever amount they forgive, which can be sizable if your debt is extensive.
Default. Here is a debt relief option not many people think about: just stop paying. There is not much a creditor can do if you don’t have a job outside of suing you, and most of the time they won’t go through the trouble. This one is quite valuable for people surviving on government assistance of some kind because those kinds of life-sustaining benefits cannot be taken by creditors.
Negotiation. You’ve probably heard a lot about companies that will negotiate your credit debt down to “pennies on the dollar” but that’s not what I’m talking about here. In fact, I would stay as far away from those companies’ debt relief options as possible, because many have been outed as scams and none are guaranteed. You may end up paying more and getting nothing out of it. Negotiation in this sense means that even though you don’t have a job, you’ve got some money saved and could possibly make monthly payments if they were smaller. You just have to work with your creditor to come up with a plan.
Home equity debt consolidation. Potentially dangerous but often quite helpful, it is sometimes possible to consolidate your debt into an equity line. Why is this better? Because you’ll get the lower interest rate of the home equity line, which may make your overall payment less. What’s the negative? If you can’t pay, the lender can foreclose on your house.
Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376).
To learn more about the debt relief options that are available to you, talk to an experienced Orlando bankruptcy attorney before you make any decision.
Get Help with Legal Issues Now! - Call 855-Kramer-Now (855-572-6376)
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