Does Debt and Loan Consolidation Really Work?

Having lots of debt is stressful and for many the thought of getting to a position where you think you will be able to pay it all off seems pretty much impossible. 

Debt consolidation is the process of taking all of some of your debts and putting them all together. The thinking behind this is that by lumping all your debt into one loan with reduce your interest rate and make it more "affordable" or "payable". 

In theory, consolidating seems like a good and viable option. However, in practice, debt consolidation rarely works out, and experience shows that in the long run, people don't save money but in fact it ends up costing them more. Learn more about why debt consolidation rarely works here, Debt Consolidation Traps.

Even finance guru's like Dave Ramsey admit that debt consolidation services don't work and are nothing for than a "con". Read, The Truth About Debt Consolidation.

There do exist some somewhat reputable consolidation services, but many so-called debt consolidation companies are just scammers doing what they can to take advantage of people who are drowning in debt and are looking for help. Many of our former bankruptcy clients have tried debt consolidation companies and they all reported the same thing, it cost them a lot of money for the service but balance of their debt did not change. 

Rather than waste your time, money and sanity on debt consolidation, Congress has provided another option whereby people who are in debt with no foreseeable end to paying it off can get help and have a fresh start. 

By filing for relief under the Bankruptcy Code, people have a variety of options to get there financial lives back on track. Chapter 7 allows for a complete fresh start, lets you just start over with a clean slate. Chapter 13 lets you make a plan to pay back some debt in a way which you can afford. Also, the time frame for getting your life back through bankruptcy is much quicker than using unproven debt consolidation. 

Our office has been helping people for many years get relief from the stress that comes from overwhelming debt. Call Richards & Godfrey, PC today for a free consultation and let us show you all of the options you have to deal with your debt. Call 801-621-7443 or email us as office@richardsgodfrey.com.

Avoiding the Terri Schiavo Dilemma

If you were at least somewhat aware of the world in the early 2000's, you will probably recall the Terri Schiavo case. You'll remember this was an ordeal about fight between a husband and the wife's parents about who had to right to decided what should happen to Terri, who was in a persistent vegetative state.

Here is just a brief synopsis to bring you up to speed. Terri was married to Michael Schiavo, they lived in Florida. At age 26, Terri collapsed and her brain was deprived of oxygen long enough to cause her brain damage and leave her into what is called a "persistent vegetative state", this isn't the same thing as brain dead, Terri could breathe on here one, but besides breathing she was essentially incapable of thought, emotion, or significant bodily movements. After her death, doctor's concluded that she had significant amount of irreversible brain damage.

The issue that took this sad private situation and made it a national headline which consumed the news and everyone watching was the fight between Michael, Terri's husband and Terri's parents, Robert and Mary Schindler. Michael had cared for and dealt with Terri's treatment since 1990, he decided some 10 years later that Terri's recovery was not realistic and he sought to have his wife taken of what was essentially life support. Terri's parent fought this, and waged a very public fight to try and ensure their daughter would remain on life support. Thus the legal battle ensued.
Dr. Timothy E. Quill, in The New England Journal of Medicine wrote a fabulous article about the medical, ethical and some legal issues regarding Terry's case, you and read it here: Terri Schiavo — A Tragedy Compounded

As you investigate the story of Terri Schiavo and the heartache experienced by those who loved her most, and the nation as a whole, you will better understand what the simple and easy solution could have been. If Terri had at some point prior to here collapse put into effect an "Advanced Medical Directive" with corresponding Power of Attorney, the whole mess could have been avoided. Terri would have been able to state what here desire was if something happened to her and what she wanted done, thus eliminating the fight which inevitable arises when deep emotional bonds are perceived to be lost when a loved on dies.

An experienced attorney can help you better deal with hard decisions and situations by making sure you affairs are in order before the need arises. Everyone over the age of 21, and especially those who are married  and those who have children should have at the very least, a simple will, coupled with an Advanced Medical Directive so an ordeal like that of Terri Schiavo doesn't happen to you or your loved ones.

We have helped hundreds of client take care of these delicate issues preparing all types of wills, trusts and directives which help families and people deal properly with delicate situations, you can find out more about us and these services here: Richards & Godfrey, PC

Also Check out this short documentary on the Terri Schiavo case: http://nyti.ms/1iC7a7x