Bankruptcy is a powerful legal tool that can help you get out from under the burden of excessive debt, but it is not necessarily your only option or the best option for everyone. Your financial situation is unique to you, and the right path forward will be specific to that situation. The surest way to explore your best options and to make the financial choices that are right for you is with the skilled legal guidance of an experienced California debt relief attorney in your corner.
Instead of filing for bankruptcy, debt settlement may be an option. If you are drowning in credit card debt, car payments, and/or other expenses that you just cannot keep up with, you may be able to negotiate fair terms with your debtors that allow you to move forward with alternative payment plans that provide you with the financial wiggle room you need to remain afloat. Your options can include:
Debt settlement provides you with the opportunity to structure your debt payment in a way that is manageable for you in your financial situation, which can help you avoid bankruptcy. However, you will need to be cautious about agreeing to terms you can’t actually meet, like a large one-time settlement, that may create additional financial hardship.
If you cannot keep up with the monthly bills you face, debt and bill consolidation may be an option. Debt and bill consolidation refers to obtaining a loan – typically at a lower interest rate – that allows you to pay off your other debt outright and to focus on paying off the single loan you have acquired. This can be a good option if you are still able to make regular payments on your debt but would benefit from a reduced payment or interest rate.
While most people would prefer to avoid bankruptcy if possible, the truth is that this important legal process exists to help people in need, and you should not hesitate to seek relief through bankruptcy if that is the most appropriate option. Our attorneys can explain the requirements and procedure for a Chapter 7 bankruptcy, and help you understand if this choice is right for you. However, if bankruptcy is not your best option, we will explain why that might be, and help you better understand the options in your case.
If you are attempting to avoid bankruptcy, there may be other options available to you. The dedicated California debt relief attorneys at Miranda, Magden & Miranda, LLP – proudly serving both Monterey and Salinas, California – understand the serious nature of your financial situation and are committed to helping you obtain the relief you need and deserve. To learn more about how we can help you, please contact us today.
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