Dena Standley | October 19, 2022
Summary: If you're struggling with debt in Indiana, SoloSuit can help you find the relief you need.
Debt relief is supposed to help you stay on top of your finances. If you can reduce the principal amount you owe, the interest you are paying, or pay off your debt faster, you will save yourself a substantial amount of money and reduce your anxiety about finances.
Usually, people seeking debt relief are borrowers with so much debt that they cannot keep up with their ongoing bills. Have you found yourself in such a place? Debt relief may be an option.
Provisions for debt relief vary by state. Some states have laws that protect borrowers from getting into too much debt while offering ways out if you find yourself in overwhelming debt. As a resident of Indiana, you may have several options. Different debt relief options suit different circumstances. Be sure to vet each way out to determine whether it's the best option for your situation.
Now, let's explore a few ways to get debt relief in Indiana.
Nonprofit debt counseling agencies may get your creditors to reduce your interest rates, forgive late fees, or reduce monthly payments. Your counselor can also help you design a sustainable budget based on your income. You'll learn how to reduce your expenses and stay on top of your finances. There's usually an enrollment fee that the agency is obligated to tell you about before signing up.
Debt management plans work for unsecured loans like medical and credit card debts. The debt counselor contacts your creditors to see if they are willing to help. Most debt management plans can get you out of debt within five years. But you have to commit to not taking on more credit during the program.
Here's what you need to know about debt management plans:
See a list of federally approved credit counseling agencies in Indiana.
To consolidate all your debts, you take out one large loan with a lower interest loan to pay off your existing debts. Debt consolidation works best if you have a good credit score because that's the only way to get low-interest personal loans. If not, you may need a cosigner. Otherwise, it's pointless to take out a higher-interest loan and risk sinking deeper into debt.
You can open a new credit card account with a 0% APR introductory offer as an alternative to a personal loan. You then transfer your existing debt to the new card.
Some pointers on debt consolidation:
Use caution when considering debt consolidation. Many people find themselves in worse financial shape because they consolidated debt, freeing up room on revolving credit, then resumed negative spending habits. Consider first if consolidating your debts will work to your advantage before leaping.
You can get debt relief directly from your creditors. All you have to do is approach them and explain your situation. Some may reduce the interest rates, waive late fees, review monthly payments, or settle for a percentage of what you owe.
The government has bailed out some credit companies before, so they understand that consumers may also need help. Remember that for them, it's business, so don't take it personally. If one creditor doesn't help, move on to the next. Many credit providers are willing to cooperate because they'd rather take your offer to settle than lose out completely if you decide to file for bankruptcy.
Benefits of negotiating your own debt settlement:
There are many debt relief companies in every state. Some are legitimate, while others are not who they say they are. The Federal Trade Commission (FTC) lists banned debt relief providers on its website as a precaution. Always double-check that you're working with an approved and legitimate company. Read the accompanying case histories to know the kind of crimes blocked debt relief providers committed. Student loan borrowers can also learn how to detect student loan scammers.
Debt relief companies can primarily help you in two ways:
Whether you go it yourself or hire someone to negotiate a settlement for you, debt settlement has some repercussions you need to know.
To learn more about the potential effects of debt settlement, check out this video:
As a resident of Indiana, you have access to special state programs that can help you stay financially afloat and get the relief you need from the stresses of debt. Check these Indiana debt relief programs out to see if you qualify:
Bankruptcy is not a popular debt relief option. However, there are reasons businesses and individuals end up applying for it. In 2021 alone, there were 413,616 (business and non-business) bankruptcy filings in the USA. Indiana ranked tenth in the number of bankruptcies that year, with 10 out of 100 residents filing.
Going bankrupt allows you to start over. Your debts are dropped. Any lawsuits or wage garnishments stop immediately.
You may not want to file if you are scared of your financial woes going public. You may also hesitate to let go of your property to pay off debt, or you may not want the stain on your credit report for 5-10 years. However, If you are left with no other way out, research the benefits of filing and how to proceed. It may be the break you need.
Finding debt relief is possible if you talk with a credit counselor, negotiate with your creditors, hire a debt relief company, or file for bankruptcy. Even if you waited too long and a debt collector sues you, Solosuit can help you win in court.
SoloSuit makes it easy to respond to a debt collection lawsuit.
How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.
"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James
You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now or are just looking for support, we're here for you.
>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate
Here's a list of guides for other states.
Being sued by a different debt collector? Were making guides on how to beat each one.
Is your credit card company suing you? Learn how you can beat each one.
Going to Court for Credit Card Debt — Key Tips
How to Negotiate Credit Card Debts
How to Settle a Credit Card Debt Lawsuit — Ultimate Guide
Need more info on statutes of limitations? Read our 50-state guide.
Why do debt collectors block their phone numbers?
How long do debt collectors take to respond to debt validation letters?
What are the biggest debt collector companies in the US?
Is Zombie Debt Still a Problem in 2019?
If a car is repossessed, do I still owe the debt?
Is Portfolio Recovery Associates Legit?
Is There a Judgment Against Me Without my Knowledge?
Should I File Bankruptcy Before or After a Judgment?
What is a default judgment?— What do I do?
Summoned to Court for Medical Bills — What Do I Do?
What Happens If Someone Sues You and You Have No Money?
What Happens If You Never Answer Debt Collectors?
What Happens When a Debt Is Sold to a Collection Agency
What is a Stipulated Judgment?
What is the Deadline for a Defendants Answer to Avoid a Default Judgment?
Can a Judgement Creditor Take my Car?
Can I Settle a Debt After Being Served?
Can You Appeal a Default Judgement?
Do I Need a Debt Collection Defense Attorney?
Do I Need a Payday Loans Lawyer?
Do student loans go away after 7 years? — Student Loan Debt Guide
Am I Responsible for My Spouses Medical Debt?
Should I Marry Someone With Debt?
Can a Debt Collector Leave a Voicemail?
How Does Debt Assignment Work?
What Happens If a Defendant Does Not Pay a Judgment?
How Does Debt Assignment Work?
Can You Serve Someone with a Collections Lawsuit at Their Work?
How Many Times Can a Judgment be Renewed in Oklahoma?
Does Debt Consolidation Have Risks?
What Happens If You Avoid Getting Served Court Papers?
Does Student Debt Die With You?
Can Debt Collectors Call You at Work in Texas?
How Much Do You Have to Be in Debt to File for Chapter 7?
What Is the Statute of Limitations on Debt in Washington?
How Long Does a Judgment Last?
Can Private Disability Payments Be Garnished?
Can Debt Collectors Call From Local Numbers?
Does the Fair Credit Reporting Act Work in Florida?
The Truth: Should You Never Pay a Debt Collection Agency?
Should You Communicate with a Debt Collector in Writing or by Telephone?
What Happens After a Motion for Default Is Filed?
Can a Process Server Leave a Summons Taped to My Door?
Need help managing your finances? Check out these resources.
How to Make a Debt Validation Letter - The Ultimate Guide
How to Make a Motion to Compel Arbitration Without an Attorney
How to Stop Wage Garnishment — Everything You Need to Know
How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)
Defending Yourself in Court Against a Debt Collector
Tips on you can to file an FDCPA lawsuit against a debt collection agency
Advice on how to answer a summons for debt collection.
Effective strategies for how to get back on track after a debt lawsuit
New Hampshire Statute of Limitations on Debt
Sample Cease and Desist Letter Against Debt Collectors
The Ultimate Guide to Responding to a Debt Collection Lawsuit in Utah
West Virginia Statute of Limitations on Debt
What debt collectors cannot do — FDCPA explained
Defending Yourself in Court Against Debt Collector
Arkansas Statute of Limitations on Debt
Youre Drowning in Debt — Heres How to Swim
Help! Im Being Sued by My Debt Collector
How to Make a Motion to Vacate Judgment
How to Answer Summons for Debt Collection in Vermont
North Dakota Statute of Limitations on Debt
ClearPoint Debt Management Review
Indiana Statute of Limitations on Debt
Oregon Eviction Laws - What They Say
CuraDebt Debt Settlement Review
How to Write a Re-Aging Debt Letter
How to Appear in Court by Phone
How to Use the Doctrine of Unclean Hands
Debt Consolidation in Eugene, Oregon
Summoned to Court for Medical Bills? What to Do Next
How to Make a Debt Settlement Agreement
Received a 3-Day Eviction Notice? Heres What to Do
How to Answer a Lawsuit for Debt Collection
Tips for Leaving the Country With Unpaid Credit Card Debt
Kansas Statute of Limitations on Debt Collection
How to File in Small Claims Court in Iowa
How to File a Civil Answer in Kings County Supreme Court
Roseland Associates Debt Consolidation Review
Do Debt Collectors Ever Give Up?
Can They Garnish Your Wages for Credit Card Debt?
How Often Do Credit Card Companies Sue for Non-Payment?
How Long Does a Judgement Last?
How Long Before a Creditor Can Garnish Wages?
How to Beat a Bill Collector in Court