Crowdfunding Is the New Debt Solution for a Lucky Few

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Miami attorney, Dillon Graham, provides his opinion on the growing trend of debt elimination through crowdfunding.

Dillon Graham
While being financed by good-hearted strangers and entirely avoid defaulting on debt is the ideal, it’s almost like winning the lottery. The silver lining is that when all else fails, attorneys such as myself, are still there to help.

Crowdfunding, the most innovative way of raising funds for a cause or personal goal, has received plenty of attention over the past couple of years, and it is being used by everyone, it seems. However, what might be most impressive is the number of people that are donating selflessly to help others with debt. In many cases, the donors have never met, nor have they had any kind of interaction with the person whose personal, medical or student debt they are paying.

A few crowdfunding companies have popped up recently, solely for the purpose of helping those in need with specific types of debt. Such an example is RIP Medical Debt, a non-profit company founded by two prior debt collectors. What they do is purchase medical debt, like any other collector, but then use crowdfunding to entirely wipe out the debts of people who need it most. Rolling Jubilee is a similar organization that buys out debt and abolishes it for people at random. The vision of this group is to challenge how we finance, and for everyone to have access to basic needs such as housing and education.

“My focus has always been on helping people in the community with my talent as an attorney,” said Dillon Graham, from Graham Legal. “Witnessing people from all around the world helping each other is phenomenal. The fact that strangers can share their stories and that others will relate to them and support them, even if it’s just a little bit at a time, is remarkable.”

In addition to companies that use crowdfunding as a way to eliminate people’s debts, there is the popular platform GoFundMe, that allows individuals to tell their story and request funding. As of August 2015, about 130,000 educational GoFundMe accounts have raised more than $20 million. Amidst the array of profiles, there are examples of all types of people who are working hard, but just need a little boost to cover all of their school expenses.

“Ultimately, it’s fantastic that these companies and platforms exist and that many people have been successfully funded,” says Graham. “However, we have to accept that not everyone will have their debts cleared and people might still have to default on student loans and mortgages. While being financed by good-hearted strangers and entirely avoid defaulting on debt is the ideal, it’s almost like winning the lottery. The silver lining is that when all else fails, attorneys such as myself, are still there to help.”

Graham Legal is law firm that represents defendants in foreclosures and student debts in South Florida, from Miami to West Palm Beach. At the height of the housing bubble collapse, it was one of the only firms in the area to specialize entirely on foreclosure defense, in order to provide the best service possible to their clients while maintaining affordable prices.

About Graham Legal, P.A.:

Graham Legal, P.A. has spent the last eight years protecting the rights of homeowners who have been wronged by mortgage lenders that refuse to provide the borrowers with viable solutions. They are also protecting those investors who wish to invest in foreclosed properties.

The law firm exclusively dedicates their law practice to helping people by defending their homes from foreclosure or by helping them to recover damages for a personal injury. Their philosophy is that the rights of individuals deserve to be protected. They fight on behalf of homeowners who have been wronged and individuals who have fallen victim of the negligence of others. For those looking to schedule a complimentary no-obligation consultation please visit the website, http://grahamlegalpa.com.

The information contained in this press release is for information purposes only, and should not be taken as legal advice.

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Laura Ure
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