Many people think of the quick fix solution of I could take out a home equity loan to pay off my credit card debt. This is not a good idea. When you take a home equity loan, you bet your home against your ability to repay the debt. All that unsecured debt has now becoome secured by your home. You would then lose your home if you are not able to pay.
Not all home equity lines are tax deductible.
You may be given a high interest rate, remember, when you have a financial problem you become high risk.
Do not put your home in jeopardy!! Through Chapter 7 Bankruptcy you can discharge all that unsecured debt and get a fresh start while keeping your home. The same through Chapter 13 if you are above income or behind on your house payments.
Contact our office today to discuss your individual situation. We offer a free consultation, fair fees and monthly payment plans.