Sunday, June 9, 2013

Facing Bankruptcy? Know Your Alternatives


If unmanageable debt has left you suffering financially in ways deeper than you can comfortably afford, it is not uncommon to believe that bankruptcy may be your only option. However, for many debtors there are plenty of other options that could act equally as effectively in reducing a person's financial mishaps without ever having to go through the bankruptcy process. The alternatives available to those contemplating a declaration of bankruptcy will depend largely on their reason for doing so. For example, if a relentless creditor or lending company has taken to harassing you on a regular basis in their attempts to secure the money owed to them, an end to this problem can be sought without declaring oneself bankrupt. Very specific state and federal laws exist which were established specifically to prevent the mistreatment of debtors by creditors, and when creditor harassment becomes a part of your life there is reason to involve a legal professional to put these behaviors to a halt. Rather than filing for bankruptcy, the discomfort caused by harassing creditors can instead be avoided and/ or prevented with the help of a bankruptcy lawyer who can fight off these abuses and save you from declaring bankruptcy.

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For others, there may not be one single instance or identifiable factor that can be precisely attributed to your debt. Instead, it may be an accumulation of late payments, excessively high bills, and the like. Under these circumstances, bankruptcy can still be avoided with the help of the right legal professional. Together, you and your attorney can negotiate with creditors to come up with a plan that allows you to use the income you have to make payments over a period of time in order to repay the monies you owe. In some cases, creditors may be willing to settle your debts for less than you owe if they can be guaranteed payments. In most cases, in the eyes of creditors something is better than nothing and they would much rather receive lesser payments than no payments at all. Bankruptcy can be avoided by establishing a payment plan that works for both you and your creditor.

Another measure that can be taken to avoid the process of filing for bankruptcy is participating in a debt management program conducted by a debt or credit counseling agency. This process is very similar to Chapter 13 bankruptcy, but it does not actually require you to file and declare yourself bankrupt. With the help of the agency running your management program, a repayment plan will be devised that will allow you to pay back your creditors over time. In essence, when following this program you will be doing the same thing as you would when declaring Chapter 13 bankruptcy: repaying the money you owe over an extended period of time (usually between three and five years). The one big difference, however, is the fact that no declaration of bankruptcy will ever appear on your credit record.

If debt has taken over your life, it is understandable that you are now looking to escape it by whatever means possible. However, the means you use does not necessarily have to include bankruptcy. Instead, you can utilize any of the number of different alternatives that are available to most individuals seeking to find relief from the financial fiasco in which they have found themselves. The best way to negotiate your way out of debt is not always to file for bankruptcy, contrary to popular belief. Therefore, if you are contemplating what to do in regards to your financial troubles then you should not wait to contact a legal professional near you and discuss your options with a lawyer that can help you make an ultimate decision about your case.


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