Debt Consolidation

Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan.
Posts about Debt Consolidation
  • Getting From Point A to Point B With Money

    … hours. My husband had planned the trip and scheduled a flight from Los Angeles (LAX) to San Francisco (SFO) airport. What he didn’t know at the time is that SFO gets socked in with fog and our flight was delayed. Then, due to a mechanical problem, our flight was returned and we then needed to hustle and catch another flight. Driving there…

    Christine Kingston/ Los Angeles Bankruptcy Law Monitor- 25 readers -
  • What Happens to a Co-Signer if You File Bankruptcy?

    … a person chooses to keep and pay for a vehicle through a Chapter 13 bankruptcy, or debt consolidation. Typically, the Court will reduce the interest rate paid on vehicles. This means that the creditor will receive less money overall for the vehicle than they would have gotten outside of the bankruptcy case. If you have a co-signer, be aware that he…

    Nick Gajewski/ Bond and Botes- 23 readers -
  • What To Do RIGHT NOW If You’re Feeling Overwhelmed By Debt

    … over time. If you have at least enough income each month to cover your reasonable and necessary living expenses plus a little extra, you may be a good candidate for a Chapter 13 debt consolidation. Or, if not, perhaps a Chapter 7 bankruptcy case is the best option for you. Either of these options will lead to permanent and legal debt relief…

    Ed Woods/ Bond and Botes- 24 readers -
  • Use Your Tax Refund to Help Your New Year’s Resolution

    … them had apparently already given up. I hope that some of them will get a “second wind” and follow through on the resolutions that they made. In the first week of 2016, my partner Amy Tanner encouraged people dealing with financial stress to “resolve to relieve that stress in the coming 365 days and start a clean slate with [their] credit…

    Bradford Botes/ Bond and Botes- 32 readers -
  • Major Retailer Premier Cru Wine Files Chapter 7 Relief

    … under chapter 7 bankruptcy. The California company filed its chapter 7 on January 8, 2016 in the Northern District of California under the name Fox Ortega Enterprises, Inc. The petition lists approximately $7,000,000 in assets and a whopping $70,000,000 in unsecured debt. Their list of creditors includes nearly 9000 customers who pre-paid for wines…

    Amy Tanner/ Bond and Botes- 35 readers -
  • Can Filing Bankruptcy Help Get My Driver’s License Back?

    … Can Filing Bankruptcy Help Get My Driver’s License Back? Posted on Nov 20, 2015 By Amy Tanner November 20, 2015 by Amy Tanner Can filing bankruptcy help me get my driver’s license back? Maybe. First, it depends on why your driver’s license has been suspended or revoked. Have you been involved in an automobile accident where you did not have…

    Amy Tanner/ Bond and Botes- 35 readers -
  • Can I Include IRS Debt in My Chapter 13 Case?

    … Can I Include IRS Debt in My Chapter 13 Case? Posted on Oct 15, 2015 By Ed Woods October 15, 2015 by Ed Woods A common misconception held by some people is that you cannot include tax debts that you owe to the IRS in a Chapter 13 debt consolidation plan. Owing the IRS can be very scary and the IRS can make life difficult for you…

    Ed Woods/ Bond and Botes- 34 readers -
    Earlier about the same topic:
  • Bankruptcy Pros and Cons

    … When you are facing the possibility of filing a bankruptcy it is of utmost importance that you understand that there are pros and cons with filing any type of bankruptcy. Certainly the truth does not need to be sugar coated, but there are some debt consolidation agencies, debt collectors and creditors that will plant great fear and trepidation…

    Bond and Botes- 31 readers -
  • Disclosure of Your Personal Information in Bankruptcy

    … Disclosure of Your Personal Information in Bankruptcy Posted on Sep 22, 2015 By Robert Reese September 22, 2015 by Robert Reese How important is being completely forthcoming about your finances and debt when you meet with an attorney to discuss Chapter 7 bankruptcy and Chapter 13 debt consolidation? The answer is quite obvious, extremely…

    Robert Reese/ Bond and Botes- 31 readers -
  • Bankruptcy Can Help Older American Debtors Save Assets from their Creditors

    … with bankruptcy are fearful that if they file for bankruptcy, they will lose everything that they have worked for all of their lives. “I will lose everything,” is a common myth about bankruptcy. This is simply not the case. In fact, bankruptcy, particularly chapter 13 debt consolidation, can be a valuable tool to protect a person’s assets from creditor…

    Amy Tanner/ Bond and Botes- 28 readers -
  • Debt Solutions Explained

    … People on websites like Avvo.com often ask questions about companies offering ‘debt consolidation,’ ‘debt management,’ ‘credit repair’ or ‘debt settlement.’ These questions are asked so frequently that I am writing this blog to share helpful information. Both consumers and companies use many of these terms interchangeably. Each term, however…

    Dove Bankruptcy Law- 37 readers -
  • Can Bankruptcy Help Me with Past Due Child Support?

    … the bankruptcy law help? One very effective solution can be a petition under Chapter 13 of the Bankruptcy Code. For example, suppose you owe $400.00 per month in child support and you’ve fallen behind on your payments because you were unemployed for a while. However, you’ve just started working again and you are now having the current support…

    Ed Woods/ Bond and Botes- 44 readers -