Debt Reduction Strategies

debt relief

If you're having trouble paying your bills:

  • Talk with your creditors. They may be willing to work out a modified payment plan.
  • Carefully consider all your options before you take out a second mortgage or home equity line of credit. While these loans may allow you to consolidate your debt, they also require your home as collateral.

If none of these options is possible, bankruptcy may be a good option. There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7.

With Brad Olson you will be working face to face with Brad who can give you the focus and attention to detail that your case demands. As an individual we can help determine whether a Chapter 7 bankruptcy or a Chapter 13 bankruptcy filing would be best for you.

To get started, Schedule Your Appointment or Call Today at 618-985-5252

In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7, known as straight bankruptcy, involves the sale of all assets that are not exempt. Exempt property may include cars, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors.


Click here for credit counseling information.
Locations

Marion Office

101 E. Deyoung St.
Marion, IL 62959
618-997-5262

Carterville Office

144 South Division St.
Carterville, IL 62918
618-985-5262

Contact and Directions