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Is Filing for Bankruptcy Right for You?

If your financial situation has you thinking about bankruptcy, you should evaluate all of your options before filing. You may find that bankruptcy relief is exactly what you need. The results can provide a way out of debt and a fresh financial start. In some cases, though, bankruptcy may not be best for you depending on your individual circumstances. You may wish to consider some alternatives before pursuing bankruptcy.

  1. Negotiate with your creditors. One of the first things you can do is to simply contact your creditors and begin the process of negotiating your debt. If you have income and some assets that you may be able to sell off, negotiating with those you owe may give you the time you need to get back on your feet. It can also eliminate those annoying debt collection phone calls.
  1. Contact a credit counseling agency. Many people are not comfortable with negotiating with creditors or collection agencies. If this is you, contact a credit counseling agency. These are usually nonprofit organizations that will help you negotiate your debt with your creditors. A credit counseling agency will represent you in all negotiations with creditors so that you do not have to get involved.
  1. Debt management plan. A counseling agency can help you develop a plan to repay your debt. This type of plan is very similar to a Chapter 13 bankruptcy. The advantage to a debt management plan is that you do not have a bankruptcy recorded on your credit history. If you make all of your payments on time, you can remove all of your debt and begin to rebuild your credit history.
  1. Consider a consolidation loan. If you are able, consider consolidating your debt, or at least most of it, into one lower payment. There are several options, but if you are a car owner, a car title loan may be the easiest. If you have equity in a vehicle, you can use it as collateral for a loan. Embassy Loans is a leading provider of car title loans and does not require a credit check to begin the process. You could gain access to your cash in as little as an hour. Car title loans are short-term loans and once paid off; you could be debt free.

5. Combine strategies. You might benefit from taking out a car title loan and paying off some of your debt while at the same time contacting a credit counseling agency to help you negotiate debt repayments. You might pay off your highest interest debt first with the proceeds of your car title loan and then arrange to pay off the rest.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.