Filing bankruptcy is not an easy decision to make and is often the last resort for most people.
If you still are on the fence about filing Chapter 13 bankruptcy, there are a few more options besides filing Chapter 7 bankruptcy to address your debt and take control of your financial future. Not every method is right for every person, but the more you know, the better equipped you will be to take charge of your debt.
For more assistance, just fill out our free bankruptcy case evaluation form or call 1 (888) 632-0504. Once we receive your information, we will connect you with a bankruptcy attorney in your area.
If you are not interested in filing bankruptcy, consider these options.
If you can pay your bills on time, this can definitely help you eliminate debt. You will not get the benefit of the automatic stay, but a bankruptcy will not appear on your credit report either.
This option may depend on how generous your family and friends may feel at the time you approach them. Just keep in mind that the money you borrow from good ole Uncle Buck is still a loan and must be repaid at some point – unless it is clear that the money is a gift.
Your creditors may be willing to participate in negotiations with you to make more comfortable arrangements for your debt repayment. This option may provide you with a little more cushion to successfully pay your bills.
Consolidating your debt into one loan may help you lower interest rates and monthly payments. You might end up paying more long-term, but paying one loan may be better for you than paying multiple bills.
A credit counseling agency may be able to assist you in getting a new payment plan with your creditors. The U.S. Trustee Program Web site can help you find a reputable agency.
A debt settlement firm may be able to help you get reductions in the amounts owed to your creditors. However, as with any service, use due diligence to make sure you are dealing with a reputable agency.
This may apply if you 1) own few assets and 2) have little income. While is this not the most ideal strategy to deal with your debt, it may be an option.
By no means is the preceding an exhaustive list of all of your options, but it is simply a starting point to help you think about the best way to handle your financial difficulties.
At Chapter13.Me, we want to help you take control of your financial future. To receive further assistance, just complete our free bankruptcy case evaluation form or call 1 (888) 632-0504. We will use your information to connect you with a local bankruptcy lawyer from our sponsoring network of bankruptcy lawyers across the country.