Debt Consolidation in Georgia

Debt Consolidation in Georgia

by | Sep 19, 2017 | Bankruptcy, Credit Restoration, Debt Collection, Handling Debt

Credit Card Debt Counseling and Debt Consolidation in Georgia


Debt ConsolidationDebt consolidation is a powerful tool that can help you get out of debt faster while saving money on interest payments. But it’s not always easy to find the right solution for your financial situation.

Our service offers expert advice from certified credit counselors who will work with you one-on-one to develop a personalized plan to manage your debts and achieve your financial goals.

We make sure our clients are fully aware of all their options to choose the best option for them. Whether it’s a debt settlement program or bankruptcy, we have experts in both areas ready to guide you through this process.

At Cherney Bankruptcy Law Firm, we offer free consultations with experienced professionals who specialize in helping people just like you take control of their finances and put an end to stress caused by overwhelming debt problems. Call us today at (770) 485-4141!


What is Debt Consolidation?

One of the first things to understand is what debt consolidation is and learning how it will help to clear your debts.

Debt consolidation is a legal opportunity that allows debts to be lowered, grouped, and paid with a consolidation loan. You will be able to pay off debts by paying fixed monthly payments until your credit is cleared.

Debt consolidation is an option that is open to everyone, and this even includes those with secured debt with collateral or unsecured debt.


What Are Debt Consolidation Loans

Debt consolidation loans are a viable solution for managing overwhelming debt, offering residents a chance to regain financial stability. These loans allow debtors to combine multiple high-interest debts into a single, lower-interest loan, simplifying your monthly payments.

Before committing, it’s crucial to compare offers from various lenders to ensure you receive the most favorable terms. According to the Consumer Financial Protection Bureau, borrowers should seek loans with no early payoff penalties and transparent fee structures to avoid unexpected costs.

This strategy not only reduces the number of payments the debtor needs to manage each month but can also provide significant interest savings over time. A well-chosen debt consolidation loan can be a crucial step towards financial freedom.


Reasons Behind Debt

Why Debt Consolidation You will need to figure out when you started accumulating debts so that a solution can be found. There are several reasons why Georgia residents experience debt, such as:

  • Unemployment
  • Emergencies
  • Medical bills
  • Student loans
  • Personal loans
  • Auto loans/Repossession
  • Overdue mortgages/Foreclosure
  •  Bankruptcy
  • Among many other reasons

The best thing to do while going through the debt consolidation loan process is to make a budget plan to pay your bills and creditors on time. It is also important to remember that you should not spend more than what is within your credit limit.


Applying for Debt Consolidation in Georgia

Having the option to pay off the accumulated debt by applying for a loan can seem easy at first, but not everyone is eligible.

Lenders require a certain credit score before they will approve an application. A low credit score is considered a risk to lenders, so there is a chance you may not be approved. The higher your credit score is, the more likely a consolidation lender will approve your application.

Another factor that lenders consider is the total amount of debt you have. If your debt is too low and does not reach the minimum threshold for a consolidation loan, a lender is less likely to approve the loan.

A debt consolidation lender will also consider the amount of the loan to be paid back, monthly fees, and how long it will take for you to pay back the loan.


How does Debt Consolidation in GA work? 

It is important to remember that a debt consolidation loan can help relieve debt, but it is not an overall solution.

You will still have to pay back the loan company through a debt consolidation lender in addition to paying any recurring monthly bills such as a mortgage, rent, electricity, water, or cable bills.

It is necessary to know if you can afford to pay off the loan and still live fairly comfortably; you should not have to struggle unbearably while paying off your debts.

Debt consolidation can be a perfect option if you are well organized and follow a budget plan that will help avoid overspending. This alternative solution to clear your debt should be considered as a temporary aid. It is designed to provide a better start for managing your financial difficulties.


What if my Credit is not Good Enough for a Debt Consolidation Loan?

What if my Credit is not Good Enough for a Debt Consolidation LoanNot all people can qualify for a debt consolidation loan. On top of that, companies out there offer bad credit loans in Georgia, and even if you can get a bad credit consolidation loan, it may not be the best idea.

It will often be a temporary fix, and the interest rates on these loans are so high that it eventually puts you back in debt. But there are alternatives:

  • Debt Negotiation – We can speak to your creditors on your behalf and try to settle your debt or lower your payments.
  • Credit Counseling Agency– There are Georgia debt settlement companies that will offer credit counseling consolidation. This is not a loan, and you do not need good credit scores. Many credit counseling customers fail because their debt is too big, and they cannot keep up the monthly payments.
  • Chapter 7 – Chapter 7 bankruptcy plan sounds horrible, but it literally gets rid of all of your debt and gives you a fresh start. It is the best option if you are struggling to make payments on your debt. Many of our clients only regret is that they didn’t contact us sooner about this option.
  • Chapter 13 – Chapter 13 bankruptcy is more favorable if you want to save your home from foreclosure or your car being repossessed. We would create a Chapter 13 repayment plan that would catch you up on late payments or arrears. It has many of the benefits of Chapter 7. If you have a regular income and want to reorganize your debts, this is a great option. It is like a debt consolidation loan without applying for a loan.


Understanding Debt Management in Debt Consolidation

Debt management, often confused with debt consolidation, actually offers a distinct pathway towards financial recovery. Unlike debt consolidation, which involves taking out a new loan to pay off multiple debts, debt management plans (DMPs) are facilitated by credit counseling agencies.

These plans allow individuals to deposit money each month with their credit counseling agency, which then disperses these funds to creditors according to an agreed-upon schedule. Importantly, creditors often agree to lower interest rates on debts under a DMP, potentially reducing the overall cost and shortening the pay-off period.

One of the key benefits of a debt management plan is its ability to simplify your financial obligations. Rather than juggling multiple accounts, you make one consolidated payment. This streamlined approach not only eases personal finance management but also helps in gradually improving your credit score as debts are systematically paid off.

Making a Budget Plan

Having a budget plan will help keep financial transactions well organized to pay creditors on time. It is also a good idea to consult a professional financial lawyer or advisor for help. An attorney can help you devise an effective plan to remove debts as quickly as possible.

It will be much easier to determine the crucial spending necessities by assessing all of your spending habits. Once a spending pattern has been observed, a financial plan can be made so that you can pay off the consolidation loan as soon as possible.

Find Debt Relief in Georgia

There is much more detail that goes into all of the above, and the best way to figure out how we can help you is to contact us for a free consultation. We have dealt with thousands of clients and have seen every scenario. The stress that your debt is causing you can be stopped with one phone call.

Learn More About Debt Consolidation

Understanding what debt consolidation is and how it works, the better the chances to get out of debt.

It is not a good idea to wait until you are almost bankrupt to apply for a consolidation loan, but instead, identify the problem at an earlier stage where debts are more manageable.

Take the time to decide if this type of loan is the right for you. Consult a professional Atlanta debt consolidation attorney to find out what steps you need to take to start your path toward financial freedom.

Filing Bankruptcy is Another Option

Another option you have to consider is filing for Chapter 7 or Chapter 13 bankruptcy. Cherney Law Firm specializes in bankruptcy in Georgia and is a very experienced Atlanta bankruptcy attorney.

By filing bankruptcy, you can eliminate your debt or, if you file Chapter 13, repay your debt in a 3-5 year period. Filing for Chapter 13 is kind of like a debt consolidation plan, except with Chapter 13, your creditors are forced to accept the plan as long as the bankruptcy courts approve it.


Debt Consolidation Help in Georgia

If you are struggling with debt settlement, you are not alone. Many people find themselves in the same situation and need to find a way out of it. If you have unsecured debt, then debt consolidation is your best option for getting out of debt.

We can help lower and pay off any current unsecured debt that you have by consolidating them into one monthly payment at lower interest rates than what is currently being charged on those credit cards or loans.

Contact us today. We would love to talk about how we can help relieve some stress in your life by lowering and paying off any current unsecured debts that you have.


Get a Free Debt Consolidation Consultation

We know that the thought of paying off your credit card debt can be overwhelming. That’s why we offer a variety of services to help make it easier for you. From our free consultation to our debt management program, we want to help you get out of debt and back on track with your finances.

If this sounds like something that interests you, don’t hesitate any longer. Contact your Marietta Debt Consolidation attorney Matthew Cherney today if you would like to discuss the many ways we can help you with debt relief.

Matthew Cherney


At Cherney Law Firm LLC, clients can expect the highest quality legal representation alongside thoughtful counseling and attention to detail. Mr. Cherney dedicates his time to properly investigating every possible avenue of debt relief for his clients before simply stepping into bankruptcy. Seeking to make each consumer that comes to him for legal aid as comfortable as possible, he keeps his clients in the loop with every step he takes.

Contact US

You may call us directly at 770-485-4141, or you can fill out the form and we will contact you. Feel free to ask us any questions that you might have. Make sure to indicate whether you would like an e-mail or a call back

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