Debt Management

Debt management has myriad meanings. One meaning is budgeting. Each person's situation is unique, but everyone, whatever their financial condition, should try to work out a strict budget. Here is the way a somewhat ideal budget might look like.

  • Housing 25%-30%.
  • Food 15%-20%.
  • Transportation 10%-15%.
  • Household expenses 10%.
  • Clothing 5%.
  • Health costs not covered by insurance 5%.
  • Personal 5%.
  • Insurance 5%.
  • Savings 5%-10%.
  • Debt like credit cards and car payments 15%-20%.

In any budget there will be variables. One certainty is that unnecessary expenses should be reduced as much as possible, no matter what your current financial situation is. If we have learned anything recently, it is that the financial landscape is volatile.

In many cases, debt management means juggling. You may be drowning in consumer debt. Your house may be under water or in danger of foreclosure. You may be unemployed. You may have massive unpaid medical bills. When you are juggling, it is important to know your rights and legal options. In many cases individuals juggle bills and struggle to maintain payments only to find out that their efforts left them in a worse financial position, because they exhausted savings, reduced the equity in their home (paying off unsecured credit with a secured loan against their home), or wasted money paying debt settlement/consolidation companies. Meet with one of our debt management attorneys and allow us to work with you toward finding a sustainable solution.

If you're interested in finding more about Rapa Law Office, and our Debt Management lawyer, please contact us at info@rapalegal.com or call us at 610.377.7730.