When to Consider Bankruptcy Alternatives
Although filing for bankruptcy may be the best solution for you to get out of debt, stop creditors from harassing you, and prevent possible wage garnishment and foreclosure, exploring what bankruptcy alternatives are available is a good idea – especially before you let yourself slide further into debt. You may be able to resolve your debt crisis without filing for bankruptcy. More importantly, the option to file for bankruptcy at a later time will always be available if bankruptcy alternatives don’t make sense – or cents! – for you.
Bankruptcy Alternatives – Your Options
Some options to consider before you pull the trigger on filing for Chapter 7 or Chapter 13 bankruptcy include debt consolidation; refinancing debts to try to secure a lower interest rate; debt restructuring, which involves negotiating with creditors to try to come to an agreement on a settlement less than what you owe; cutting back on unnecessary spending; and paying off credit card debt by paying more than just the minimum payment each month.
While we understand that bankruptcy alternatives will not work for every case, when they do, they can save you a significant amount of money and prevent your credit report from sustaining further damage. In general, seeking bankruptcy alternatives rather than filing for bankruptcy can be a better option for those who are employed, have a reliable income and are primarily strapped with consumer debt.
Get Experienced Advice Before Taking Action
Before making any definitive move, be sure to talk to us first, as we can give you experienced bankruptcy advice and provide you with the best options for moving forward. We understand that each case is unique, and we are dedicated to helping those in debt resolve their financial headaches so they can live productive lives.