Do I Have Alternatives To Bankruptcy?
To some people, filing for bankruptcy may feel like a last resort—and put off doing it as long as possible. However, if you are struggling with debt, feeling like you can’t get out from under, you need to do something. There are alternatives to bankruptcy, and we believe that it is important you explore them first before filing for Chapter 7 or Chapter 13. It makes the benefits of bankruptcy easier to understand once you’ve looked at the other options.
At Macey Bankruptcy, we offer information about several alternatives to bankruptcy. Let’s take a look at some of them.
- Mortgage Refinance: Mortgage refinancing allows you to adjust your mortgage to a payment you can afford. In some cases, it’s a good bankruptcy alternative and can help you avoid foreclosure. With mortgage refinance, you might be able to change your loan terms, pay off existing debt, and lower your monthly payment.
- Debt Management (Often called “credit counseling”): With debt management, you hire an attorney or other representative to negotiate with and work directly with your creditors. Sometimes debt management can lower your monthly payments, or lower the interest rate on a certain debt. Sometimes it can reduce the overall balance owed to a particular creditor.
- Debt Settlement: Debt settlement involves asking your creditors to accept less than what they are asking for, in exchange for one lump sum payment. Generally, you can only settle unsecured debt—debt not backed up by collateral, like a car or other property. Also, keep in mind that you may be required to pay taxes on any cancelled debt over $600.
Call us toll-free today at 1-800-260-1402 for your complimentary initial bankruptcy consultation or visit one of our 100 offices across the United States. You can also read our many informative articles on our website, www.maceybankruptcylaw.com. For the best advice on filing for Chapter 7 or Chapter 13 bankruptcy protection, trust the experienced and caring attorneys at Jacoby & Meyers Bankruptcy Law.