Alternatives to Bankruptcy

How to Get Out of Debt Without Filing Bankruptcy

Windmills on a hillSome of the most common alternatives to bankruptcy are debt negotiation, debt consolidation, liquidating assets, debt litigation, and more. At Price Law Group, our bankruptcy attorneys can go over your financial situation and advise as to workable alternatives to filing for bankruptcy. After you decide which one is right for you, we can assist you in carrying out your plan for debt relief.

Choosing to file for bankruptcy is a difficult choice and it can only be done once every eight years, so it should be used only as a last resort. Price Law Group can guide you to a solution that fits your situation.

Avoiding bankruptcy? Contact Price Law Group via online form or call (866) 210-1722 for a free consultation. We'll help you understand what your options are. Reach out today! Our services are available in English and Spanish.

What Is Debt Negotiation?

Through debt negotiation, creditors will end up forgiving a large portion of the debt. Our attorney will contact your your creditors one at a time and negotiate for a lump sum payoff at a discount. Instead of making monthly payments, you save your money. Also known as debt settlement, debt negotiation is often successful when you have only a few, large bills to pay off.

How Does Debt Consolidation Work?

Debt consolidation entails finding a creditor who will offer you a low-interest loan enabling you to pay off your high-interest loans. This can save considerably on interest, but you must be sure you can make the new payment as the new lender will usually insist on security. If you have many creditors at high-interest rates such as credit card debt, this option might work best for you.

If you qualify, one way to consolidate your debt is by getting a 0% interest, balance-transfer credit card. This allows you to transfer all of your debt onto one card and then pay the ballance in full during the promotional period. Another way to consolidate your debt is through a fixed-rate debt consolidation loan. The money from the loan will pay off your debt, and then you must pay off the loan in installments. Again, this option is only avaiable if you are eligible.

When Do I Need Debt Litigation?

Sometimes the cause of your debt worries is simply an unjust claim. Our experienced debt attorneys can examine the claim and formulate defenses. Then, we can contact the creditor and negotiate for adjustment. If we reach no agreement, the matter is resolved in court through debt litigation.

Options For Homeowners: Loan Modifications and Short Sales

Since the economic downturn, many homeowners have experienced a loss in home value and as well as income. This has caused many to fall behind in their home loan payments. Our attorney can negotiate with the lender for a loan modification with a lowered balance and more affordable payments. If a loan modification is unsuccessful and you cannot make your payments, you may seek a short sale. You obtain a buyer at the best possible price. Our attorney negotiates with the lender to accept the sale price as full satisfaction of your loan.

Contact a Bankruptcy Attorney at Price Law Group to discuss your alternatives to bankruptcy. Se habla Español.

For more information call us at 866-210-1722 or fill out the form below.

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