Many people may be struggling unnecessarily because they have a fear of filing bankruptcy, and they are trying desperately to avoid filing bankruptcy. In some cases, this is due to a lack on understanding regarding the options in filing bankruptcy. Depending on your unique situation, there may be options in avoiding a bankruptcy. These options may include debt settlement, a debt consolidation program, or debt management. Each of these options provides an alternative for those trying to avoid filing bankruptcy.
Have you or someone you love been trying to avoid filing bankruptcy but drowning in debt? Our bankruptcy lawyers can help you understand your options and give you an honest assessment of your financial situation. Contact a bankruptcy law attorney in your area today to get started.
Reasons to consider an alternative to bankruptcy:
A debt settlement plan is one that allows you to negotiate reduced amounts with your creditors. For example, they may agree to accept an amount that is less than what you owe in lieu of not getting any of it back if you file for bankruptcy. This will get rid of the debt quickly, which means you can start rebuilding your credit faster.
A debt consolidation program is one where your unsecured debts are combined to create one monthly payment. When going through a debt consolidation program, you may be able to get additionally fees and interest waived from the amount you need to pay back. This prevents new debt from being added on to your current debt. Finally, there is a debt management program. This is designed so that you no longer have to deal with your creditors, take collection calls, or have to remember to make payments on time. You send one monthly check to a debt management company and they pay your bills each month. They also deal with creditor phone calls, and they work to pay off you debt quickly.
If you or someone you care about is feeling the stress of trying to avoid bankruptcy, our bankruptcy lawyers may be able to help you sort things out. Contact a bankruptcy law attorney in your area to learn more about your options.
Did you know?
The average American household has $10,700 in credit card debt.
With credit card interest rates going up, the Americans are paying more than ever in interest.