Alabama residents have several options for managing their debts. By choosing one of these options, one is able to take control of their current financial situation and move forward towards a debt-free life.
One alternative to bankruptcy is debt negotiation. Debt negotiation can involve debt consolidation or debt management. Debt consolidation consolidates an individual’s debts into one lump sum that is paid monthly. In addition, debt consolidation can actually lower your debt by extending a payback period. Debt consolidation may also offer a lower interest rate.
In debt management, professionals can also negotiate a lower monthly payment or interest rate. However, individuals opting for debt management will pay a single payment to a company which will divide it among creditors.
If you or someone you know would like to better manage their debts, contact the Birmingham debt negotiation attorneys of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about debt negotiation.