Gregory & Clark, PLLC Articles What Are Your Alternatives to Filing For Bankruptcy?

What Are Your Alternatives to Filing For Bankruptcy?

By Gregory & Clark  Oct. 31, 2010 10:35a

If you are considering filing for bankruptcy, it is important to weigh all of your options. In some cases other alternatives to bankruptcy may be optimum solutions, in other cases bankruptcy may be the best decision for your financial situation. The appropriate courses of action depend on your unique debt situation and below are some alternatives to bankruptcy that you may want to consider.

  • Credit Counseling -- A reputable credit counseling agency can offer consumers free counseling services. They can help you with budget counseling, credit and money management, debt management assistance and provide you with educational programs.
  • Liquidation -- Many people these days are living beyond their means and are trying to keep up with the Jones's. Fancy cars, jewelry, second homes, boats, jet skis, vacation property, time shares, designer clothing are all "just stuff" when you come down to it. Liquidating your assets may be a better solution to bankruptcy.
  • Debt Consolidation -- If you are having a hard time keeping up with all of your payments, a debt consolidation loan might be able to help you condense all of your payments into one. Instead of having ten different payments, you can have just one. One of your current lenders may be able to offer you a debt consolidation loan, for they will profit if you can avoid bankruptcy.
  • Out of Court Settlement -- Perhaps making settlements with your creditors is a better option than bankruptcy. However the process can be difficult and complex, so it would be wise to get the assistance of an Orlando bankruptcy attorney when doing so.

What's next?

Now that you have examined your options, the next course of action you should take in determining your financial future is getting the advice of a skilled Orlando bankruptcy lawyer. At Gregory & Clark, we can give you a confidential, personalized consultation about your financial situation and can help you determine what the most proactive, effective resolution is for your credit problems.

Contact an Orlando Bankruptcy Attorney at our office today for a free consultation.

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