Courtney A. Cousino with Fesenmyer Cousino Weinzimmer said people tend to pay debts that looks the more pressing such as medical debt and mortgages. However, it causes them to lose sight of other important loans such as auto loans. Or, they may decide to do a loan deferment.
She said it’s important for people to create a plan that takes into consideration any and all debt. Cousino said a well-thought-out plan could tackle a person’s debt quicker than a loan deferment. If a person is too far in debt, they are other tools they can use to get out from underneath it.
For example, the law firm offers people bankruptcy assistance. While each person has their own circumstances, people with a copious amount of debt can use the bankruptcy system to get out from underneath it.
Thomas M. Fesenmeyer said a person could address their auto loan debt through bankruptcy proceedings. While it’s an option not everyone should consider, it’s still an effective tool in getting out from underneath their debt and setting up a repayment plan to pay the loan back and keep the vehicle.
Danielle R. Weinzimmer said the lack of attention paid to debt would lead to even more debt. She said if a person is missing payments or asking for a deferment, they will only go into further debt. Weinzimmer said it’s imperative for a person to use all resources and tools at their disposal to pay off their auto debt… even when the bills never seem to stop coming in.