Assistance in Debt Recovery
The best way to protect your credit, home and property is to avoid unmanageable debt. Controlling your spending and living within your means are simple, effective ways to avoid foreclosure and bankruptcy. At Ammerman & Goldberg "Bankruptcy" Law Office, we are dedicated to representing clients in Washington, D.C., Maryland and Virginia. Our firm focuses on debt relief solutions, including consumer bankruptcy.
The following tips for consumers in debt may also help you protect and preserve your financial health:
Home Mortgages and Subprime Rates
If you currently have a variable or interest-only mortgage loan, refinancing your home could save you money and prevent future financial difficulties. Even if it means having less money to spend at the end of every month, negotiating a fixed-rate mortgage may help you avoid foreclosure in the future.
Avoiding Consumer Debt — Credit Cards
Credit cards almost always offer introductory promotional rates to lure consumers into buying more than they can afford. While it may be tempting to apply for a credit card at every retailer who offers you coupons and "an additional 15% off of your purchase if you apply for our credit card today," doing so usually costs consumers in the long run. The simplest way to avoid spiraling credit card debt is to have only one or two cards, each with prescribed limits. If you use your cards wisely and pay off the balance at the end of every month, you not only strengthen your credit history but avoid paying interest.
I'm Already in Debt — What Can I Do to Get Out?
If you're already in debt, but are not in danger of having to declare bankruptcy, you have several options. If possible, avoid transferring higher interest rate credit card balances to new credit cards with a lower interest rate introductory offer. If you are still putting charges on your old card, transferring the balance to a new one will only create more debt. Additionally, taking out a second mortgage can create serious problems if you are unable to curb your current spending levels.
Whatever you do, avoid companies that advertise their ability to negotiate lower minimum monthly payment rates. These companies usually charge a significant amount of money for their "services." Further, since you haven't declared bankruptcy, no automatic stay is in effect. As a result, creditors often choose to demand immediate payment in order to recover as much money as possible before someone declares bankruptcy.
Do I Need to File Bankruptcy?
Although it sounds simple, one way to avoid consumer debt is by not purchasing things you don't really need. Take a walk through your house and ask yourself how much of what you have you actually use. DVDs, CDs, electronics, computer gadgets, cooking utensils and exercise equipment: How much of it do we really need? Making sure you purchase what you need is an important first step toward avoiding debt.
Contact Experienced Consumer Debt Attorneys
At the law office of Ammerman & Goldberg "Bankruptcy" Law Office, our attorneys practice exclusively in the area of bankruptcy. We deal with clients every day who are going through the same things you are. We understand how to help alleviate the stress and anxiety associated with debt and home foreclosure.
To learn more about your debt relief options, please call 202-559-1428 for a free telephone consultation or contact our lawyers by filling out our online form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.