Debt Counseling


Louisville Debt Counseling

Feeling like debt has taken control over your life? Not sure where to even begin sorting it all out? You’re not alone. The good news is that there is help that is available to you. In fact, there are numbers of companies out there that claim they can help you sort out and even get rid of your debt entirely. However, as you know, handling financial debt is no easy task and should be done only by trusted, qualified professionals. 

At O’Bryan Law Offices, we help people get a fresh financial start every day. Whether it be through filing bankruptcy or with extensive debt counseling, our attorneys assist both families and individuals in managing their overwhelming debt. With personal one-on-one assistance and guidance, we’ll have you back up on your feet in no time. Contact family-owned bankruptcy law firm O’Bryan Law Offices today to see how debt counseling can help improve your situation.

First, let’s start with the basics. What is debt? Debt is an amount of money that is owed by one party to another. It begins when an individual or entity borrows money from another individual or entity in order to make a large purchase that could not have been afforded otherwise. The arrangement allows one party to borrow money on the condition that they pay it back at a later date, generally with interest. 

When time passes without the borrowing party returning payments, debt collects. Before you know it, debt can pile up fast. While struggling to pay back other debtors and still live comfortably off your income, even more debts seem to be adding up in the process. This is when handling finances becomes a tricky, often daunting task. 

Debt counseling begins when a person requires additional support in managing their debt and organizing their finances. A debt counselor, sometimes called a credit counselor, will negotiate on a debtor’s behalf with credit providers. They work to lower interest rates and reduce any monthly installment payments.

Debt counseling is not the same as filing for bankruptcy. Instead, it offers an alternative to managing your finances in an efficient way to help pay off your debt. Part of a debt counselor’s duty in improving your financial situation is to offer resources, tools, and advice that can help you regain control over your finances. The counselor will also advise you on how to spend more wisely so that you don’t continue to accumulate debt in the future.

At O’Bryan Law Offices, our experienced attorneys offer unmatched debt counseling services. We provide you with options for managing your debt as well as establish a financial plan that will help you save money. Though it is a paid service, the cost will be factored into the new payment plan that your counselor helps you to establish.

Debt review goes hand in hand with debt counseling. Both refer to the process of a counselor assessing your outstanding debt and helping you to establish a reconstructed payment plan. Your counselor will negotiate new rates and terms with your credit providers while protecting your assets from being repossessed in the process. 

However, while debt counseling and debt review are the same thing, debt consolidation is not. Debt consolidation refers to a loan that encompasses all of your unsecured debts into one sum. This means that multiple debts will be combined into a single, larger debt. Generally, this consolidation loan carries more favorable payoff terms, like a lower monthly payment or interest rate. 

By consolidating your debt, you can settle your high-interest debts and close the accounts. Instead of paying multiple creditors at a time, you will be left with one debt payment per month to the provider who granted you the loan. By having fewer payments to make each month, there is less of a likelihood that you will be late on payments. It can also help you to improve your credit score over time.

Louisville Debt Counselors

A debt counselor can help debtor’s navigate a wide variety of financial situations. If you’d like assistance with your credit and financial plans, call our skilled bankruptcy attorneys today at O’Bryan Law Offices. Whether you simply have a few questions or need considerable help in managing your financial obligations, our legal team can help. With offices in Louisville, Frankfort, and New Albany, our attorneys have helped residents of both Kentucky and Indiana take back control over their finances. Call 502-400-4020 now to schedule your free case evaluation or fill out our online intake form here.