Alternatives to Bankruptcy

Bankruptcy does not have to be the only answer. In fact, there are several options that Chicago bankruptcy lawyer Joseph Doyle can discuss with you – so you can make the decision that is truly best for you. Some law firms may want to do whatever they can to ensure you use their services to file for bankruptcy. At the Law Office of Joseph P. Doyle we want to help you make the choice for yourself, even if this means that you do not choose bankruptcy. It is important that you do what you think is best for you, your finances and your future.

The particular alternatives to bankruptcy that you can consider, as well as how these will affect you, will vary on a case by case basis. Credit counseling, debt consolidation and debt settlement are all potential alternatives in order to avoid bankruptcy. Credit counseling from an approved agency is actually a requirement to complete within 180 days prior to filing, and this may give you an objective point of view about your financial situation that shows it can be resolved without bankruptcy. Debt consolidation involves getting one larger loan to pay off all their creditors, and debt settlement typically involves unsecured debt and is a process where the debtor or a representative of the debtor negotiates with the creditors in order to establish a payment amount that is less than what is actually owed.

Consider Your Options Carefully

It is important to be careful when considering not just filing for bankruptcy but also when seeking an alternative solution, such as debt settlement or consolidation. At times a debtor may be promised the sun, moon and stars only to find that they still have debt and that their credit is now damaged. Fully research any company you decide to work with in this regard, and be sure that you have all the information about the advantages and disadvantages of bankruptcy.

Contact us today to learn more about possible alternatives to bankruptcy.