CONSOLIDATION VS. BANKRUPTCY: WHAT’S RIGHT FOR YOU?
It essentially discharges all qualifying debts without repayment. A Chapter 13 bankruptcy, commonly referred to as a “wage earners plan,” restructures the individual’s debt into some repayment arrangement over a set period of time. Often the amount to be repaid is only a fractional amount of the entire debt. DEBT CONSOLIDATION 101 Debt consolidation combines a group of separate debts into one. Typically, the goal is to consolidate debts with high interest rates into one that offers a single monthly payment at a lower interest rate. This may be an option for borrowers with various debts that are still at a manageable level. A loan also may be obtained against an asset, such as your home, which functions as a tool for consolidation of multiple debts. If you find yourself in a difficult financial situation associated with debt, you should consider seeking the advice of a legal professional who can explain your options. Debt consolidation may be appropriate for some people but not for others, based on their unique circumstances. The Law Office of Jeffrey B. Kelly has assisted clients with a total of over 5,200 bankruptcy cases. We encourage you to contact our office today for a free consultation at (770) 809-3099.
According to a recent report from WSAV NBC News in Savannah, credit card debt among U.S. consumers has reached approximately $1 trillion. And unfortunately, that’s not even all of it — data from CNBC accounts for debt stemming from mortgages, student loans, and vehicle loans, to roughly bring the total to $13.15 trillion. It’s a staggering amount, and sadly, far too many people find themselves part of it. Looking at these numbers, it probably comes as no surprise that this is the fifth year in a row that household debt has increased. Many struggling borrowers seeking relief encounter confusing information about options such as debt consolidation and bankruptcy. Although these are two entirely different processes, they are often misinterpreted as being similar. Understanding these two different processes for handling debt may help you determine which is right for your situation. BANKRUPTCY 101 Bankruptcy is a federal process where a debtor may protect or liquidate available assets to repay debts. For individuals, a bankruptcy may be either Chapter 7 or Chapter 13. A Chapter 7, which may be referred to as a “fresh start” or “straight liquidation” is geared toward those with minimal income and assets.
GREEN BEAN & SESAME SALAD
Ingredients •
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1 small red onion, finely chopped
3 cups green beans, ends trimmed
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Small bunch of fresh mint
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1 teaspoon white wine vinegar
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Small bunch of flat-leaf parsley
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1 tablespoon olive oil
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Salt and pepper, to taste
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2 tablespoons sesame seeds, toasted
Directions 1. Bring a large saucepan of water to boil; cook green beans for 4–5 minutes; drain well. 2. In a blender, mix finely chopped mint and parsley with olive oil, vinegar, salt, and pepper. Blend until combined. 3. Add dressing, onion, and sesame seeds to beans. Toss together. Cool dish, then refrigerate until ready to serve.
Inspired by Delicious magazine.
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