Alternatives to Bankruptcy

Can you avoid bankruptcy?

First, be aware that bankruptcy is often the best option available – especially if you have multiple debts that you have no hope of paying in your current circumstances. But if you have one debt that is causing your difficulties, if a change in that single debt could put you in a good financial situation, an alternative solution may work.

Loan Modification

Loan modification can make a huge difference in a mortgage debt. The mortgage company may agree to put arrearages at the end of your mortgage, lower your interest rate, perhaps even lower the principal. However, the mortgage company may have no intention of modifying your mortgage. It is a cruel reality that mortgage companies sometimes hold out the hope of loan modification while preparing to foreclose.

Debt Settlement

A huge credit card debt may, in a debt settlement, remove interest and penalties and offer a payment plan. The company (or collector who bought the debt) may decide later to sue despite the agreement.

If you decide on an alternative, a lawyer at Bond & Botes can review any contracts and make sure your interests are protected.

Call 877-581-3396 and explore your debt relief options with an attorney.

There are people out there who make money from the misery of others. Separating them from the people who can really help can be difficult. That’s why we offer a FREE initial consultation with an attorney. Find out what your options really are.