Law Offices of James V. Sansone
Schedule an initial consultation
Santa Rosa 707-623-1875
Ukiah 707-993-4068

Bankruptcy: Using a personal loan to pay off debts

Many families in California and across the nation have experienced the hardships of dealing with substantial amounts of debt. Similar concerns can have a disastrous impact on one's life and may leave a person scrambling through options for relief. While many could be eligible to pursue relief through outlets such as bankruptcy, studies indicate that some may instead choose to seek aid through personal loans.

Recent studies suggest that many individuals have taken to applying for personal loans for assistance in paying down on other high-risk debts. According to studies, more than 60 percent of loan applicants over recent years intend to use this line of credit to pay down on other forms of debt. Studies also indicate that the average balance for those who take out a loan for relief comes in at just over $14,000.

While using one form of debt to pay off another may seem counterproductive, some may feel that there are advantages to consolidating their debts through a personal loan. The interest rates on these lines of credit could be significantly lower than the alternative. However, those who are unable to keep up with the payments on a loan may find that it could only act as a short-term solution to a growing problem.

With a variety of options to choose from when dealing with substantial levels of debt, choosing the best outlet can be a daunting task. Those who wish to obtain guidance in making informed decisions about their financial futures could benefit from consulting with an attorney as soon as possible. A bankruptcy attorney in California can examine a client's financial situation and assist him or her in developing a strategy to reduce or eliminate debts through the proper channels.

No Comments

Leave a comment
Comment Information

Reviews For Our Office
in Ukiah, CA

powered by BirdEye

Reviews For Our Office
in Santa Rosa, CA

powered by BirdEye
Email Us For A Response

Request A Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Santa Rosa Office
1260 N. Dutton Avenue, Suite 239
Santa Rosa, CA 95401

Toll Free: 800-836-1298
Phone: 707-623-1875
Santa Rosa Law Office Map

Ukiah Office
215 W. Standley St.
Suite 10
Ukiah, CA 95482

Toll Free: 800-836-1298
Map & Directions