Refinancing
When a person negotiates new terms for an existing debt obligation, it is called refinancing. Typically, refinancing applies to houses. When home owners are making home mortgage payments, they may refinance every few years to adjust their interest rate and payment amounts.
If you or someone you know is struggling to keep up with payments and is in danger of becoming insolvent, contact a West Palm Beach bankruptcy attorney at the law office of Eric N. Klein & Associates, P.A. to discuss your legal options. Call 561-353-2800 today to schedule a free initial consultation.
Advantages of Refinancing
Typically, a person refinances to improve his or her cash flow. An individual may opt to refinance in order to:
- Reduce the interest rate or costs on existing debts
- Extend their repayment time
- Pay off other debts
- Reduce their periodic payment obligations
- Reduce or alter risk
- Raise cash for investment, consumption, or the payment of a dividend
For individuals who are balancing several different debts, refinancing can help adjust their monthly payment options to re-prioritize creditors and, as a result, save money by paying off debts with higher interest rates more quickly.
Contact Us
If you are unable to pay off your debts and the bills keep piling up, you may need to consider filing for bankruptcy. The West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A. can explain how filing can help you recover from financial devastation. Contact us today at 561-353-2800 today to schedule a free initial consultation.
