Ventura Personal Loan Debt Settlement Lawyer

Personal loans are second only to credit card debt as the fastest-growing source of debt in America. Ironically, most personal loans are taken out for the purpose of paying off their high-interest credit cards that have spiraled out of control. Although personal loans usually come at a lower interest rate than credit cards, they can still be significant, especially for borrowers with low credit scores who can’t get the best rate on credit. When the personal loan itself becomes too much to handle, when you find yourself teetering on the verge of bankruptcy or sued by the lender to collect the entire amount due, Wadhwani & Shanfeld has a solution for you. Our Board-Certified bankruptcy specialists help consumers deal with personal loans inside and outside of bankruptcy so they can move forward in their life without the stress and worry of crushing debt. Contact our Ventura personal loan debt settlement lawyers today for a no-cost consultation to explore your options.

Personal Loans Can Be Discharged in Bankruptcy

Occasionally personal loans are secured by some piece of property, and the lender has the ability to take that property if the borrower defaults. Most often, however, personal loans are unsecured. Nonpriority, unsecured loans like personal loans can be discharged, or eliminated, in Chapter 7 bankruptcy. They can also be eliminated partially or fully in a Chapter 13 bankruptcy as well. For many of our clients, Chapter 7 or Chapter 13 bankruptcy is an excellent tool to climb out from under overwhelming debt in the form of personal loans, credit cards and medical bills, and other types of debt. We can help you determine if Chapter 7 or Chapter 13 bankruptcy is right for you, or if you would fare better with a non-bankruptcy option such as debt settlement.

Personal Loans Can Be Settled Outside of Bankruptcy for Less Than What Is Owed

Given that personal loans can be discharged in bankruptcy, where the lender gets nothing, lenders are often open to the idea of accepting a lesser amount in satisfaction of the debt. By negotiating a settlement that you can afford, both parties avoid bankruptcy and can be happy with the result. Even if you’ve already been sued by the lender, it’s not too late to open negotiations for a debt settlement. We can file a response to the lawsuit and start working on a settlement, and bankruptcy is always an option if the lender refuses to negotiate.

Contact Our Ventura Personal Loan Debt Settlement Lawyers Today

It might seem natural to feel powerless or at the mercy of a powerful bank, but that’s not always the reality of the situation. You have the power and leverage to handle personal loan debt on your terms and in a way that you can afford, and the Ventura personal loan debt settlement lawyers of Wadhwani & Shanfeld can be your voice and guide you toward a satisfactory result. Pick up the phone for a free consultation to discuss your situation and get immediate help. Call now to speak to a lawyer now and get started today getting the help you need.