In fact there are many tactics to try before you even think of heading to a bankruptcy lawyer. Here are some important considerations and alternatives to help you avoid bankruptcy. New bankruptcy laws make it more difficult to file than it used to be.
From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy.
What about the New Bankruptcy Laws?
There is now a new law for bankruptcy that was passed called the “Bankruptcy Abuse Prevention and Consumer Protection Act”. People struggling to pay their credit debts are now going to have to deal with this new bankruptcy law.
3 Effective Alternatives to Help Avoid Filing Bankruptcy
1. Contacting creditors is an alternative to bankruptcy. Instead of filing for bankruptcy, you work out payment options with your creditors. In many cases they are very willing to work with you. It’s to their advantage to keep you as a customer. The creditors know the alternatives for bankruptcy will bring them more profits if you don’t file for bankruptcy.
2. Getting a debt consolidation loan is a good alternative for bankruptcy. Financial services can combine all your debts into one loan payment every month. A consolidation loan as an alternative for bankruptcy, can help pay off debts. For bankruptcy consolidation loans, you can shop online for the best terms and rates. Lenders are very competitive to earn your business online.
3. You may also consider a debt workout for bankruptcy alternatives. With a debt workout, an attorney contacts your creditors and makes arrangements. In most cases the monthly payments will be less than if the credit account was settled in full. For some cases they want the payment in full, but over a longer period of time than originally stated on the credit agreement.
Filing Bankruptcy and How to Find a Good Lawyer
If you have decided there is no alternative to filing bankruptcy, you may be asking yourself, “how do I find a good bankruptcy lawyer? The best way to find a good bankruptcy lawyer is through referrals.
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