Is Bankruptcy My Only Option? How to Know if It’s Right for You

debt settlementYou may wonder if bankruptcy is your only option if you are having trouble getting from underneath a pile of debt. The short answer to the question is that bankruptcy is not your only option. However, it may be your best option. A consultation with a bankruptcy attorney Mobile AL office will uncover the most suitable options for your situation. These are some of the other options that may be available.

Personal Negotiations
You can try to contact your creditors and renegotiate some of the terms with them. It may work for you. It’s usually more effective if you use an attorney’s services to get in touch with your creditors, however.

Debt Settlement
A debt settlement agreement is an alternative to filing for bankruptcy. You could ask an attorney to help you to reach an agreement with some of your creditors that will allow you to pay off your debt to them with a lump sum payment for a portion of the amount you owe them. In turn, the creditor may mark your debt off as paid on your credit report.

Debt Relief Program
A debt relief program is similar to a consolidation, except you won’t receive any loan funds. Instead, an attorney or counselor will review your profile and develop a repayment plan that allows you to pay all of your debt with one monthly payment. Some negotiations and interest removals may occur during the process.

The most fruitful thing you can do for yourself is to schedule an appointment with an experienced bankruptcy attorney Mobile AL specialist. Loris Law Firm has been counseling and representing debtors with their personal finance issues for years. The attorneys at Loris Law Firm are eager to speak with you and help you to come up with a solution for your debt troubles. You can schedule a consultation by completing a short form or contacting us by telephone. You’ll quickly find out whether bankruptcy is right for you.