Reviewing Opportunities for Debt Relief in St. Louis, MO
In Missouri, those who are in debt have options that help them settle their debts. Even if they aren’t facing debt collections yet, they can seize these opportunities to eliminate their debts. These strategies can prevent the consumer from facing dire situations where they may lose assets. An attorney can provide debt relief in St. Louis, MO for these consumers now.
Loan Modifications for Mortgages
A loan modification is possible for two reasons. First, any predatory lending practice that is discovered must be remedied or the lender could face legal action. Next, the modification could lower the consumer’s payment and make it more affordable for them. In this case, they could refinance the mortgage through either their same lender or a different lender entirely.
Achieving Settlements for Smaller Debts
Debt settlements are beneficial for smaller debts. This allows the consumer to eliminate the debts entirely and pay less. The attorney can negotiate with the creditor to arrive at a lower balance that could equate to half of the original debt value. This is possible with accounts such as unsecured loans or credit card accounts. The settlement is available through a lump sum payment or installments.
Filing for Bankruptcy
A bankruptcy case can also help the consumer manage their debts. They can sell off assets to pay their debts or start a repayment plan through the court. These opportunities come with an automatic stay that lasts throughout the case. This can stop creditors from foreclosing or repossessing their property.
Quick Sales and Settlement Options
A quick sale allows the creditor to sell a property and settle the debt fast. However, the creditor must accept the selling price as a full payment to eliminate the debt. If not, the consumer is responsible for any outstanding balance.
In Missouri, consumers review all possible options for settling their debts. These options include settlement offers, mortgage modifications, and bankruptcy. The consumer should review these possibilities with an attorney to determine any repercussions of their choices. They must also acquire full information about the requirements for each choice. Consumers who need debt relief in St. Louis, MO can visit Stlbankruptcyfirm.com for more information today.
