What Are Alternatives to Chapter 13 Bankruptcy?

One relatively simple alternative to Chapter 13 bankruptcy is to re-evaluate your current lifestyle. This gives you the opportunity to reduce your expenses and pay off your debts at a faster speed. By selling your personal property assets, you can take the money and pay off some of your current debt. Selling a second vehicle or putting your house on the market are great ways to reduce your expenses. Other ways include obtaining a loan from a relative or cashing out on your retirement accounts. However, it is important to choose the option that works best for you and your family. Our firm will help you review your finances and come up with a long-term debt reduction plan.

Another alternative to Chapter 13 bankruptcy is debt consolidation. This is where you borrow money at a lower rate to repay other debts that bear higher interest rates. If you have the ability to borrow at a lower rate, then debt consolidation is worth considering. Having a steady job and outside security also make you a prime candidate for debt consolidation. However, you should be wary of any scams or deceitful practices run by debt consolidation companies. If there are any exorbitant fees or outrageous claims, then you should proceed with caution. Additionally, you should check with state consumer agencies and the Better Business Bureau when choosing a debt consolidation company. If a serious complaint has been raised against a company, then you can review the information before making your decision. Our attorneys will ensure that any debt consolidation agreement you sign is transparent and protects your interests.