What are the alternatives to bankruptcy?
Be Informed of All Your Options
Bankruptcy is a very effective debt-relief tool, but it is not the right choice for everyone who is experiencing a financial struggle. Generally, it is considered a last resort option if when the debt load has become impossible to handle. There are many bankruptcy alternatives that have been devised to help those with overwhelming debt, and they should all be examined in detail before a decision is made. These alternatives include:
- Self-help methods – Many creditors have internal policies that allow for debt negotiation or settlement, which may include the lowering of interest rates or waiving of penalties, or allowing a debt to be paid off for a fraction of the original amount. Requesting such an arrangement may be all a person needs to do to greatly improve their financial situation.
- Debt consolidation loans– This debt relief method involves taking the bulk of one’s debt and transferring it to a new credit card or loan. In doing this, you may be able to get a lower interest rate on only one payment, eliminating the financial strain caused by high interest rates and penalties on multiple payments.
- Debt Negotiation/Settlement Programs – Rather than attempting to settle or negotiate with a creditor yourself, you can hire a company to do it for you. This eliminates you having to deal with potentially harassing creditors, and the company may be able to secure a better settlement than you could obtain on your own.
Helping Our Clients to Make Informed Decisions
At Cain & Associates, PLLC, our goal is to help our clients overcome their significant financial problems, whether through bankruptcy, or a bankruptcy alternative. We have guided our clients through all manner of debt relief methods, successfully helping many of them get rid of most or all of their financial liabilities. A Nashville bankruptcy attorney can review the various bankruptcy alternatives with you, and help you move forward to a resolution of your debt problems. We believe that knowledge is power and being informed is the first step towards recovery. So contact our legal team if you are in need of help and are unable to cope with your debts, and we will work towards finding a solution that helps you achieve your financial goals. You can also visit our bankruptcy blog for relevant information and stories that you could pertain to your financial situation.