ARAG Legal Insurance - Badge
Avvo Rating - Badge
Lawyers.com - Badge
Google Rating - Badge
Better Business Bureau - Badge

Debt Repayment Options

Liviakis Law Firm Team

There are numerous debt repayment options, each with their own sets of pros and cons. You can choose one of these after factoring in your debt amount, income, monthly expenses, credit rating and the amount of debt that you actually want to pay off. Here are some debt repayment options which you can consider.

Debt Repayment Options

Paying yourself

This option means that you repay the debt all by yourself without any external help. You put together a repayment plan and then stick to it. In the process, you can try talking to your creditors in an attempt to get a lower interest or some other flexibility.

Generally, the payment plan considers both secured and unsecured debt.

Consumer Credit Counseling

A counseling agency works with you and develops a payment plan for unsecured debt after considering your budget. Formally, you are said to be on the debt management plan or the DMP, and this shows up on your credit report. However, your score isn’t affected.

Generally, DMP is based on lower interest rates and smaller payments. Credit counseling lasts for 3 to 5 years during which you cannot use credit cards.

Debt Consolidation

Debt consolidation is the process of combining all your debts after which you only make a single monthly payment. Some programs may also pay off unsecured debt, but your credit score should be good to avail this. Other programs are similar to credit counseling, combining your monthly payments.

Debt Settlement

Debt settlement can reduce your debt by around 40% to 60% if successful. You pay monthly charges to a settlement firm which negotiates a lump sum payment lower than the owed amount. If agreed upon, the debt firm repays the debt through the fees which you pay them. However, there isn’t any guarantee that your creditors may accept the offer. If they decline, you may or may not get a refund.

Always consult a Sacramento bankruptcy lawyer for help when reviewing your debt repayment options. Be sure you know all you need to know to make an educated decision.

Our Office

Former Office
1215 K St

Sacramento, CA 95814

Phone: 916 459 2364
New Office
2377 Gold Meadow Way
#100

Gold River, CA 95670

Phone: 916 459 2364

Client Reviews

Mr. Liviakis is extremely knowledgeable and answered all of the questions that we had about our situation. He made a really difficult time manageable with his help and expertise. I would definitely recommend...

Lindsey Joyner

Mik is a great attorney. Very friendly & professional. Price is was bit high compared to other firms. Probably the highest I've seen. If price your thing, checkout other firms. Other than that, Mik will get the...

Oi Vinn

Mik helped us save our home and settle with creditors during the pandemic after we were forced to close our family business for over a year. I am forever grateful. He was kind and professional and followed up...

Jina and Steven Hale

Mr. Liviakis was timely and professional. He patiently answered questions and explained the process. He provided handouts that clearly outlined due dates. The firm's paralegal was very easy to work with. I...

Wes Pohl

I nothing but great Experiences, and great service.

Tony Boone

Positive: Professionalism, Quality, Responsiveness, Value

Linda Todd

Contact Us

Fill out the contact form or call us at (916) 459-2364 to schedule your free consultation.
  • Language.png Free Consultation
  • Phone.png Phone Appointments Available
  • Gavel.png Talk to Award Winning Attorney Today

Leave Us a Message