Nobody wants to find himself or herself in the position of facing harsh financial realities. Mounting debts and obligations, a growing sense of stress and anxiety about what to do, and being unable to meet all of the demands you’re facing. If you’re in the position of wanting or needing to file bankruptcy, then before you do so, you should also consider a bankruptcy alternative or non-bankruptcy resolution.
First, what qualifies as a bankruptcy alternative? There are many different such options available, and all of them are merely tools at your disposal to try to clear up your financial circumstances enough so that you are not backed into a corner, and that you do not have to file bankruptcy.
For instance, with somebody fighting on your behalf such as an experience bankruptcy attorney, you may be able to negotiate and compromise with lenders and creditors. This can get interest rates reduced, total debt owed reduced, monthly payments reduced, and more.
You may also be able to get loans modified, or get loan compromises reached. It all depends on the specifics of the situation you’re in, the type of debt you have, what your overall obligations are, and what the rest of your needs and circumstances are.
The reason you may not to consider a bankruptcy alternative is that the consequences of bankruptcy are severe. Filing bankruptcy will impact you for years and years to come. Your ability to buy a home, get a new vehicle, establish credit, use credit cards, receive personal loans or lines of credit for any reason, and much more, are all hindered. It’s a large burden that you’ll have to deal with, and the only way to overcome it is with time.
Further, when you file bankruptcy, by nature you are losing many or most of your possessions and valuables. That’s why bankruptcy alternatives are always worth exploring. You may still get the relief you need,without all of the downsides, and that’s key.
Simply keep in mind that bankruptcy may not be your only option. For many people, a non-bankruptcy alternative which helps them avoid filing bankruptcy produces superior outcomes. You get enough immediate relief to manage your circumstances, without facing the long-term consequences and negatives of bankruptcy. Before taking action, it will be in your interest to think about all of the options you have, and speaking with a bankruptcy attorney will help you determine the best path to take.
At 599 Bankruptcy all aspects of bankruptcy litigation and representation are offered, including non-bankruptcy solutions and other alternatives. Learn more about how our firm can help as your bankruptcy attorney in Maryland here.