Has debt taken over your life? Are you concerned about what this will mean to your future? If so, there are ways for you to escape your past and improve your finances. That said, some strategies are better than others.
Over the years, many people have improved their financial life by filing for bankruptcy (Chapter 7 or Chapter 13). While this is an option to consider, don’t make a rash decision you may regret.
Here are a few bankruptcy alternatives to consider:
- Pay your way out of debt. Is it possible for you to pay down your debt, a little bit at a time, as a means of bettering your situation? This may be a long road that is full of challenges, but with the right plan you could begin to make progress soon enough.
- Contact creditors. It goes without saying that your creditors want you to pay your debt as required. At the same time, they realize this is not always going to happen. Remember this: your creditors would rather receive some money from you now than none at all, which often times happens if you file for bankruptcy.
Don’t be shy about negotiating with creditors. You may be surprised to find that many are willing to “settle” your debt for less than what you owe.
- Consider a mortgage modification. Many people considering bankruptcy have a difficult time making their monthly mortgage payment. Could a mortgage modification be the answer? Speak with your lender about this idea. It is one of the best ways to lower your mortgage payment without having to leave your home.
At The Law Offices of David M. Offen, we want you to understand the ins and outs of the bankruptcy process, including the pros and cons. In some cases, bankruptcy makes the most sense. For others, it is best to consider alternatives before moving forward. You can be rest assured that we will assess every detail of your finances and then make a suggestion based on our findings. If bankruptcy is the way to go, we can assist with every step of the process.