If you are struggling with debt, bankruptcy might be a good option but if you are averse to the idea of filing for bankruptcy, consider alternative steps for digging out of debt. In some situations, a non-bankruptcy course of action may be your best remedy. Even though bankruptcy may be the answer, here at DAL Law Firm, we will always consider alternatives to bankruptcy that works best for your situation.
Some alternatives to bankruptcy that you can consider:
- Negotiate with creditors. You may be able to negotiate a plan with your creditors to lower or eliminate interest, trim your monthly payment, and possibly reduce your balance.
- Get help from a credit counseling agency. These agencies may be able to help you lower your interest rate and monthly payments and potentially waive certain charges through a debt management plan, which consolidates debts and helps you pay them off in three to five years.
- Get a second job. This can be temporarily until your debt has been paid off
- Secure a personal loan. Many people take out a large loan to pay off their debt.
- Refinance your home. If you’re paying off your home, another method is to restructure or refinance your mortgage. By arranging a new mortgage payment plan, you may be able to save some money to put toward paying down your debt.
We offer a free consultation where the attorney, Darcel Lobo, will thoroughly review your financial history and current financial state to determine the best course of action to obtain your financial independence. Whether or not you decide to file for bankruptcy, having an experienced and skilled attorney review your financial situation is imperative to truly know the solution.
If you find yourself wondering if bankruptcy is the right option or you want to know what other alternatives there are out there for you, please contact our office at CALL, or by email at: [email protected].