When finances get tough and the creditor is at your door, you may be tempted to think that bankruptcy is your only option. But this is not always true, there are bankruptcy alternatives.
Our human nature compels us to circle the wagon, so to speak. We are tempted to pretend to the outside world that all is okay, even keeping the financial troubles from our loved ones. Thoughts of being a financial failure enter our head and there seems to be no easy way out of the situation. It seems that every day the mail carrier brings more bad news, and we dread the sound of the phone ringing because it always seems to be a creditor calling.
You are not alone. You don’t have to carry this burden by yourself. Believe us – you are not the first person to be in a situation where your income is less than your monthly bills. It doesn’t matter how you got in the situation you are, what matters is your next step.
Here is a fact that may surprise you: Of all of the clients we see (and we have a combined 40 years of legal experience dealing with bankruptcy law) approximately thirty percent are not a good candidate for bankruptcy.
Let me repeat that:
Almost one in three people who feel that bankruptcy is their only option are WRONG.
There are bankruptcy alternatives. For example:
· It a surprising number of cases there is a defense to the claim, such as the statute of limitations has run.
· If you own a home, selling it quickly might be an option.
· Working with your creditors to set up payment plans or reduced amounts.
· Consolidating your debt into one lower monthly payment.
· Negotiating new loan terms or interest rates for your home or auto.
· All of your income and assets may be exempt for collection, and once you explain this to your creditors they will usually go away and leave you alone.
When you work with an experienced bankruptcy attorney like those of Bankruptcy Advocates, we have pretty much seen it all. We can ascertain your current circumstance, review your income to debt ratio and make recommendations for a plan that may or may not include filing for bankruptcy. Because our initial consultation is free, we will not make one penny if we do not recommend bankruptcy for you. But our first duty of loyalty is to you, and we never recommend filing for bankruptcy for our clients who do not need it.
If bankruptcy is the best course of action, there are different types of bankruptcy depending on your circumstance.
Bottom line: if you are struggling to pay your bills, if creditors are calling, if you are being sued for non-payment, make sure you seek professional legal advice before assuming that bankruptcy is your only option.
Southern Illinois Bankruptcy Attorney law firm Bankruptcy Advocates is located in Carbondale and serves a wide geographic community. The first consultation is always free. Give us a call at 618-549-9800 or email us at [email protected] to speak about your case or legal matter. Convenient appointment times are available.