Bankruptcy is the first answer that comes to mind when it comes to financial difficulty.
It's the best answer when the bills never stop coming, creditors calling
every hour of the day and night, and the income is never enough. Before
you choose bankruptcy, consider learning about alternatives to financial
stress that may work better for your situation.
Some credit cards and loans offer the option to combine all debts into
one manageable payment. Consolidation is just that - combining two or
more loans, credit cards, medical bills or additional debt into one large
sum that's easier to manage.
In addition to
contacting us, we may recommend a credit counselor to provide additional insight into
your financial hardship. After listening to your situation, the counselor
will create a course of action to provide debt relief. It may involve
changing your spending habits, choosing another bankruptcy alternative
or a combination. It is vital that you follow the plan accordingly for
Most credit counselors choose
debt management as a solution. In easy to pay monthly premiums, you will begin to climb
out of debt. The money paid monthly will go toward a counseling organization.
The counseling organization splits the payment between the many creditors you owe.
Loan Modification Programs
If your home is the reason why you're in debt, consider
loan modification programs. Some banks and mortgage companies are willing to accept lower payments
through the hardship department. Simply call your lender to explain your
financial struggles and ask to see if you qualify for a loan modification
program. You can also speak to credit card, loan, medical or another debt
creditor about lowering debt owed on those accounts.
More options - such as debt settlement - are available. When every resource is exhausted,
that's when bankruptcy is a viable option.
Allow us to discuss these options with you in greater detail. Come in for a
free consultation. No matter your situation, there is always a solution to handle your financial problems.