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There are Debt Solutions for People Facing Bankruptcy States Iowa Bankruptcy Lawyer

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Credit seems to be easy to get to pay bills, but once that albatross gets out of control, the borrower realizes they are in deep debt with no way to get out.

“There are ways to handle debt and get control back over your life,” said Kevin Ahrenholz, an Iowa bankruptcy lawyer. “While it may seem like a daunting task, if you break it up into smaller steps, it’s often quite manageable. As always, I encourage people to contact our offices if they need help and information about filing bankruptcy and what other alternatives are open to them.”

What solutions are there out in the world of debt? Talking to creditors is one. Do this when it has become apparent that debt is a revolving door of getting nowhere fast. Most creditors do offer debt solutions that may include lower interest rates, grace periods and lower monthly payments. “You never know what is possible until you ask,” Ahrenholz said.

Stuck in a rut with no apparent way out? “Try credit counseling. There are many ways to get your budget back on track and tips and tricks to make your life easier. If you cannot afford to pay a counseling company, the other alternative is to find a non-profit organization to give you a hand with your budgeting. It’s far better than doing nothing and letting the debt load spiral out of control,” Ahrenholz said.

Another highly popular way to handle debt is to do debt consolidation. It is a favorite move for many, simply because it gets rid of fees and ends up giving the debtor a lower overall interest rate. “There are companies that do this type of work and they act on your behalf with your creditors and negotiate rates and repayment terms,” Ahrenholz said.

Not comfortable with using a consolidation service? There are free creditor-sponsored debt management plan outfits and ones that ask for payment for their services. This is a good way to help repair damaged credit. “You might also want to consider debt settlement, which means working out a lump sum payment that the creditor will consider as final payment for all that is owed. While this might sound like a super idea, doing this will really affect your credit score,” Ahrenholz said.

There is always a solution to the problem of being in debt. It is up to the debtor to find that solution and avail themselves of it and do what is in their own best interest.

Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact him, visit http://www.iowachapter7.com or call 1.877.888.1766.

Posted on Tuesday, March 15th, 2011 and filed under News and Press.
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