I received an e-mail recently from a potential client concerned about his debt problems.
He had approximately $12,000 in unsecured debt, $114,000 in student loans and a personal loan for $5,000. I had some ideas as to what I might suggest, so I told him to come in for a free consultation and we would talk about his situation.
We were able to determine that he brought home about $2,400 per month in salary and had about $2,100 in living expenses before considering the debt, which required payments of nearly $1,500 a month.
But there were some other factors. He was going back to get his doctorate degree, so the student loans would be deferred. The $12,000 in unsecured debt was very old and no one had been coming after him for collection. The personal loan wasn’t that far from being paid off and there was also a co-signer. After some calculations, we figured out that the payments on all of that debt would end up being about $300 per month, which would have been exactly what I would have recommended if we had filed a Chapter 13 bankruptcy.
We consider each client's debt situation carefully
I couldn’t do any better for him than he could do for himself, but our new almost but not-quite client was impressed because, rather looking for ways to make money for Steidl and Steinberg, I was looking out for him. That is what we do.
We look at your situation and develop alternatives. If we think we can save you money, we will show you how, but if we can't, we will tell you.
The man took a bunch of my cards. He said that he knows several people with serious debt problems, and now he knows that, at Steidl and Steinberg, we will look out for their interests.