Alternatives To Bankruptcy
Alternatives To Bankruptcy
Buried in debt? You may be under the erroneous impression that bankruptcy is your only option. In reality, you may be able to take advantage of a number of bankruptcy alternatives.
Before determining which course to pursue, it is critical to consult with a qualified bankruptcy attorney. I, attorney Christopher P. Walker, have over two decades of experience advising individuals on their debt relief options.
To explore your debt relief options, contact me today for a free consultation. Evening appointments are available.
Types Of Bankruptcy Alternatives
Alternatives to bankruptcy include the following:
This option involves debt negotiation with lenders to reduce the principal you owe and work out an affordable repayment plan and interest rate.
For those buried in credit card debt or medical bills, obtaining a consolidation loan can allow you to reduce your interest and obtain a more feasible repayment schedule.
If your car loan or mortgage is no longer affordable, or if the interest rates are astronomically high, you may be able to pursue refinancing to obtain more favorable terms.
Similar to refinancing, loan modifications may afford you the opportunity to obtain more affordable monthly payments and more favorable terms on your current home mortgage. Generally, you must apply for a modification through your vendor. You will usually have to demonstrate financial hardship to qualify.
Credit counseling or debt management plans
A variety of nonprofit organizations offer credit counseling to help you reduce your payments, interest rates and late fees. This may be a good option for those seeking to avoid damage to their credit. However, it is important to find a qualified and reliable program.
If your mortgage is underwater or you are facing significant financial hardship, it may be in your best interest to cut your losses. In a short sale, the home will generally be sold for less than it is worth, and the proceeds will satisfy the mortgage – meaning you will not owe any more on the mortgage. In some situations, this may be a favorable alternative to foreclosure.
To Obtain Legal Counsel On Alternatives To Bankruptcy Such As Short Sales, Contact Orange County Lawyer Christopher P. Walker
Learn more about alternatives to bankruptcy in Anaheim, California, and the surrounding areas by calling the Law Office of Christopher P. Walker, P.C., at 714-639-1990.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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My law firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
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