Is there alternatives to bankruptcy? 19 Answers as of April 20, 2015

I lost my job in the bad economy over a year ago and the debt that I already had is getting out of control. I know that bankruptcy might be an option but I'm scared because of the bad things I've heard about it. Are there any alternatives or would I benefit most if I get in touch with an attorney?

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Speak with an experienced attorney. You can try and negotiate settlements with the various creditors, but there are no guarantees, and you pay an attorney hourly for these services. Filing BK is not as bad as you might think. For example, you have to wait 18 to 24 months after filing to qualify for an FHA loan to buy a home. You will initially pay a higher interest rate for things like car loans, but you can rebuild your credit over the next two to four years, and thereby get lower interest rate loans. I can refer you to an expert on rebuilding your credit (I did his BK about four years ago, and he makes over $10,000 per month!!).
Answer Applies to: Colorado
Replied: 4/15/2015
Patrick W. Currin, Attorney at Law | Patrick Currin
BK is a smart move in certain circumstances and can actually be a huge benefit. By all means talk to an attorney. Most will provide a free consultation to see if BK is a good move for you.
Answer Applies to: California
Replied: 4/15/2015
EDWARD P RUSSELL | EDWARD P RUSSELL
You say you have been told about "bad things happening in bankruptcy." It appears that these things are of a mystical nature. You should consult with a bankruptcy attorney. Then you will be clear about the advantages and disadvantages of filing bankruptcy. There may be alternatives to bankruptcy such as debt negotiation and debt consolidation that may help you. After speaking with any attorney you will have a much clearer picture of the way you should go.
Answer Applies to: Minnesota
Replied: 4/15/2015
Cohen & Kendziorra, P.A.
Cohen & Kendziorra, P.A. | Robert S. Cohen
I am not sure what bad things you heard about filing bankruptcy but it is an option to discharge your debts and get a fresh start. Bankruptcy was considered such an important consumer and business remedy to the founding fathers that it is a federal protected constitutional right granted to all its citizens under the constitution. The other option besides bankruptcy is to negotiate a settlement with your creditors, enter into a debt settlement program but these options require you to have money to pay off your creditors. My advice is to contact a lawyer and schedule a free, no obligation appointment to find out if bankruptcy will work for your situation. Best of Luck.
Answer Applies to: Florida
Replied: 4/15/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
If the amount of debt you have is less than $20,000 or half of your annual income, bankruptcy probably isn't a good choice for you. If you have some savings, you might be able to settle your debt for a fraction of what you owe. Without savings, your options are going to be to pay the creditors or hope that no one sues you to collect.
Answer Applies to: Nevada
Replied: 4/15/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    There are alternatives such as fighting the creditors in court or settling it but that is usually more costly than bankruptcy. There are a lot of myths about bankruptcy and usually you will be better off after than before. You should speak to a local attorney to discuss it in more detail.
    Answer Applies to: New York
    Replied: 4/15/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    There is no reason to be afraid. Make an appointment to see a local lawyer. You may find one at nacba.org.
    Answer Applies to: California
    Replied: 4/15/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    There are alternatives but none as effective as filing bankruptcy.
    Answer Applies to: Michigan
    Replied: 4/15/2015
    Novakov & Associates, PLLC
    Novakov & Associates, PLLC | LINDA S. NOVAKOV
    There are alternatives to bankruptcy. There are several types of bankruptcy filings. You should seek out a competent bankruptcy/debt relief attorney in your area and discuss all possible options.
    Answer Applies to: Kentucky
    Replied: 4/15/2015
    Eranthe Law Firm
    Eranthe Law Firm | Cate Eranthe
    Yes go see a local knowledgeable bankruptcy attorney. They can discuss options with you. I'm not sure what bad things you've heard about bankruptcy. It's given many financially stressed folks a fresh start.
    Answer Applies to: California
    Replied: 4/15/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    I do think there is any question but that you would benefit from consulting oh boy are experienced in insolvency income, including bankruptcy. You may have heard bad things about bankruptcy, but it has been a lifesaver, and a promoter of happiness, for many people. Some alternatives would include trying to negotiate a discount with each creditor. This rarely works, but it might be worth a try. Some states, like Wisconsin, have a form of extending the time to pay debt it's under court supervision. The problem is that you must make 100% repayment, where as in bankruptcy you typically wind up paying much much less.
    Answer Applies to: Wisconsin
    Replied: 4/15/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Counsel first is the best, knowing your options and taking the best one is what you want.
    Answer Applies to: Michigan
    Replied: 4/15/2015
    Ronald K. Nims LLC | Ronald K. Nims
    As long as you're still unemployed, it probably doesn't make sense for you to file bankruptcy. Your debts will keep mounting up until you get a job. Wait until you're certain that you'll get a job in the next month or so, then file bankruptcy. That way you'll discharge all of the your debts and get a fresh start. The other alternatives are a debt relief plan or credit counseling but both are expensive and if you don't have any income to make payments they won't work. Do not give any money to any type of credit adviser unless you've thoroughly checked them out - Better Business Bureau, Secretary of State's office, look up their tax exemption information with the IRS - there are lots of frauds in this area.
    Answer Applies to: Ohio
    Replied: 4/15/2015
    Michael J. Duggar, P.A.
    Michael J. Duggar, P.A. | Michael J. Duggar
    There are three ways to deal with debt: Debt management/credit counseling, debt settlement, and lastly bankruptcy. All have valuable benefits and consulting with an attorney is probably an excellent idea to parse through your individual situation. Best wishes!
    Answer Applies to: Florida
    Replied: 4/15/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    An ethical attorney will review all your options and let you decide what is best for yourself. Some people believe it is unethical to advise you to file bankruptcy if you do not have a job and have no assets that could be seized. Many attorneys offer a free consultation to help you decide your best strategy.
    Answer Applies to: Oregon
    Replied: 4/15/2015
    Danville Law Group | Scott Jordan
    You should discuss your options with a local bankruptcy attorney.
    Answer Applies to: California
    Replied: 4/15/2015
    Idaho Bankruptcy Law | Paul Ross
    I would visit with an attorney. Many of the negatives individuals promulgate regarding bankruptcy are myths or half-truths. There are other options, but often less viable.
    Answer Applies to: Idaho
    Replied: 4/20/2015
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    Speak with a bankruptcy attorney.
    Answer Applies to: Massachusetts
    Replied: 4/20/2015
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    The only way to find out your options is to have a consultation with a bankruptcy attorney.? They will go over all your different options. 99% of "bad things" people hear about filing bankruptcy are completely false or misinterpreted.
    Answer Applies to: California
    Replied: 4/20/2015
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