What are my alternatives to filing for bankruptcy? 18 Answers as of July 11, 2013

I was in an auto accident last year without auto insurance, I don’t own any assets and had average credit for a recent college graduate. What are my options?

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Daniel Hoarfrost, Attorney at Law
Daniel Hoarfrost, Attorney at Law | Daniel Hoarfrost
Your options are very few.If there were damages incurred in the accident, you will have to make some arrangements to pay them.Otherwise, your earnings would be subject to garnishment.More importantly, a document can be filed with DMV and your license can be suspended until the damages are paid. The only way to stop all that for sure is to pay the damages, or file bankruptcy.
Answer Applies to: Oregon
Replied: 6/23/2011
Law Office of Maureen O' Malley
Law Office of Maureen O' Malley | Maureen O'Malley
If that's your only debt, you could try to negotiate a payment. Problem is that the balance will be taxable to you.
Answer Applies to: Virginia
Replied: 6/23/2011
Law Offices of Joseph A. Mannis
Law Offices of Joseph A. Mannis | Todd Mannis
Pay the damages.
Answer Applies to: California
Replied: 7/11/2013
Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
You should contact a local attorney in your jurisdiction to advise you specfically.
Answer Applies to: Washington
Replied: 6/22/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Without knowing anything else about you that is a hard question to answer. Generally, debt consolidation is a bad choice. I see clients all the time who who are paying more to debt consolidation companies than they would in a Chapter 13 case.. I also see them come in with lawsuits which have been filed against them while they are in debt consolidation programs. You need to consult with a local attorney.
Answer Applies to: California
Replied: 6/22/2011
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
    Work out a payment plan and try to compromise on the debts.
    Answer Applies to: California
    Replied: 6/21/2011
    Financial Relief Law Center
    Financial Relief Law Center | Mark Alonso
    If you have accumulated debt there are options such as debt settlement, credit counseling and debt consolidation as some of the alternatives to bankruptcy.
    Answer Applies to: California
    Replied: 6/21/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    The most common alternative to bankruptcy is entering into a settlement agreement with creditors with terms you can afford. Another alternative is to wait-and-see what the creditors do. Unfortunately, if a creditor obtains a judgment it is valid for collection for ten years. At the end of ten years the judgment can be renewed. Consult a bankruptcy attorney to see whether your choice is realistic and advisable.
    Answer Applies to: California
    Replied: 6/21/2011
    Greifendorff Law Offices, PC
    Greifendorff Law Offices, PC | Christine Wilton
    Bankruptcy alternatives are to work out payment plans with the creditor
    Answer Applies to: California
    Replied: 6/21/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    Bankruptcy will discharge these debts. You should see an attorney.
    Answer Applies to: California
    Replied: 6/21/2011
    Law Office of Asaph Abrams
    Law Office of Asaph Abrams | Asaph Abrams
    Comprehensive study of your financial affairs is needed to ascertain whether bankruptcy is an option; if so, it can be an excellent option. Bear in mind as a recent grad, student loans are presumptively not dischargeable. Above answer is for general informational purposes only; it may not address all implications of the question; one must timely retain legal counsel when considering bankruptcy.
    Answer Applies to: California
    Replied: 6/21/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    If you have debts, your options are to pay the debts, settle with the creditor, or file for bankruptcy. There is not much else you can do. Either you pay, or the creditor will want to sue. If it was a credit card debt, you might be able to do debt consolidation but I doubt that will be an option on an accident.
    Answer Applies to: California
    Replied: 6/21/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    If you owe money pursuant to the accident, you may be able to settle the amount and come up with a payment plan. There may be other options but more specific facts would be necessary for an attorney to give you all of your options.
    Answer Applies to: New Hampshire
    Replied: 6/21/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    You can wait and see if you get sued on the accident.
    Answer Applies to: Virginia
    Replied: 6/21/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    If you were responsible for causing damage in the motor vehicle accident, your options will depend on how much damage you did. It will also be important to know if alcohol was involved in the accident as damages related to drunk driving are not dischargable in bankruptcy in any event. If you caused damages and the injured party (or their insurance company) is seeking to collect, your non-bankruptcy options include working out a payment arrangement or offering to settle the debt for a lump sum payment.
    Answer Applies to: Colorado
    Replied: 6/21/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    If you owe from the accident any significant amounts (such as a deficiency on the car or damages to the other party) the other option is to pay those debts. Bear in mind that if you don't, you may face suspension of your driver's license, garnishment of your present and future paychecks and bank accounts, etc. Since you omitted things like how much you make, your assets, and the size and nature of claims against you there is no way to begin to weigh options. You should weigh them by sitting down with a bankruptcy lawyer and supplied the details you chose to omit here.
    Answer Applies to: Georgia
    Replied: 6/21/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    Alternatives to bankruptcy are credit counseling or debt settlement. Sounds like chapter 7 bankruptcy may be your best bet though depending on the debt load and your current income/family size.
    Answer Applies to: Washington
    Replied: 6/21/2011
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