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The 3 Top Tips to Gain Financial Stability 

The Orantes Law Firm Dec. 19, 2022

Financial stability is extremely important in our lives. However, debt can make it equally difficult to get ahead. At the Orantes Law Firm, we strive to help our clients in Los Angeles County and Orange County (including Los Angeles and Irvine) improve their financial stability with practical advice. Contact us today so that you can get the guidance you deserve. 

How Can I Gain Financial Stability? 

Gaining financial stability requires a combination of know-how and effort. Three helpful tips to gain financial stability include debt consolidation, creditor negotiation, and bankruptcy, all of which have their place.  

Debt Consolidation 

Debt consolidation occurs when an individual takes on additional debt to repay other outstanding ones. While debt consolidation does not eliminate debt, it can help gain financial stability by reducing monthly payments and interest rates. 


  • Lowers interest rates. 

  • Reduces overall interest payments. 

  • Eliminates scattered weekly and monthly payments by combining them into one or two. 

  • Stops further interest from building up. 

  • Does not negatively impact credit history or record. 


  • Extends debt terms. 

  • Getting a loan big enough to cover outstanding debts may be difficult. 

  • Individuals with a low credit score may not qualify for further loans. 

  • Monthly payments may still exceed debtor repayment capacity. 

Debt consolidation is the first step we recommend. Concentrating debts into a single payment provides certainty leading to greater financial stability. However, folks must ensure they can afford their new monthly payment to avoid falling behind. Please remember that late and missing payments negatively affect credit scores. 

Creditor Negotiation 

Creditor negotiation consists of working with creditors to restructure debt. For example, homeowners refinance their mortgages to ensure they can afford monthly payments. Similarly, folks can work with credit card issuers to transfer their balance to a low-interest card or renegotiate terms to ensure payment. 


  • Creditor negotiation allows debtors to handle debt before it gets out of control. 

  • Restructuring debt can help avoid filing for bankruptcy. 

  • Debtors can negotiate a lower interest rate. 

  • Working with creditors shows good faith. 

  • Creditor negotiation does not negatively affect credit records or scores. 


  • Short-term debt may become long-term (over one year). 

  • Creditors may be unwilling to offer debt restructuring. 

  • Creditors may charge a refinancing fee. 

  • Creditor negotiation does not discharge debt. 

We highly encourage our clients to reach out to creditors before it is too late. Doing so can save a lot of time and frustration down the road. 


Bankruptcy is not the end of the world. In fact, it may be the only option when there is no other way to handle debt burden. Filing for bankruptcy allows folks to discharge certain debts such as credit cards, personal loans, and consumer credit. The purpose is to help individuals gain financial stability by allowing them to start over. 


  • Discharge unpayable high-interest debt. 

  • Allows individuals to protect other assets such as homes. 

  • Alleviates pressure on monthly income. 

  • Avoids creditors attaching debtor income. 

  • Eliminates costly legal action from creditors. 


  • Negatively affects credit record. 

  • Bankruptcy filing stays on record for seven to ten years. 

  • Individuals may have to wait a few months to a few years to apply for another credit. 

  • Not all debt is discharged. 

Please remember that bankruptcy is nothing to be ashamed of. Bankruptcy should be considered a last resort. Nevertheless, it can provide debtors with an opportunity to start over.  

Finding the Right Debt Consolidation Attorney in Los Angeles and Orange County 

At the Orantes Law Firm, we work with our clients in Los Angeles and Orange County to help them gain financial stability. Whether you feel like your debt is already out of control or on that track, reach out today to talk to one of our professional debt consolidation and bankruptcy attorneys today. The sooner you call, the sooner you can gain financial stability.