A Bankruptcy Lawyer’s Blog

Bankruptcy Alternatives Is There Another Way?

If you’ve gotten in debt beyond your ability to manage it, you may think that going bankrupt is your only viable option. However, you should think carefully before doing this. A Chapter 7 Bankruptcy, while relieving you of the obligation to pay your debts and stopping the phone calls from your creditors, will basically block you from getting any loans for the next ten years.

Even if it seems like repaying your debt is completely impossible, make sure you have fully assessed your financial situation. Do you know your total income and expenses each month? Can you reduce or eliminate some of your expenses in order to pay down some of the debt? Even if the situation is past this point, you may be able to negotiate a settlement with your credit card companies wherein they will accept a fraction of the originally agreed amount.

If you simply cannot pay your debt or foresee any possible way to do so in the future, bankruptcy may indeed be the best option. Consult a bankruptcy attorney if you believe this is the case.

The foregoing consists of general information only. You should not rely on it as “legal advice”. The facts of your matter may differ slightly from any example stated herein and, thus, you should consult with a lawyer. No attorney-client relationship has been established by this article. An attorney-client relationship can only be established after a written retainer agreement with a law firm has been entered into and signed, and/or payment of the retainer (including the clearing of any funds) has been completed.

Bankruptcy Lawyer Raleigh
Bankruptcy Lawyer Raleigh