Alternatives to Bankruptcy
Financial struggles can be stressful and overwhelming, and unfortunately, the complexities of bankruptcy law can leave individuals with more questions than answers. As such, it is best for those in serious financial trouble to consult with a bankruptcy attorney as soon as possible. An experienced attorney can help you find the best solution to your problems, which may include bankruptcy or one of several bankruptcy alternatives.
If you are considering bankruptcy or have questions regarding your financial situation, contact the Florida bankruptcy attorneys at the law offices of Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675 to speak to a knowledgeable representative about your options today.
Common Bankruptcy Alternatives
One of the most common alternatives to bankruptcy is settling outside of court. When a debtor and a creditor can reach an agreement regarding the amount of debt owed and a reasonable payment schedule, individuals with large amounts of debt may be able to pay off their loans without further legal action.
Even if you are able to settle with a creditor outside of court, it may be helpful to speak to a legal professional about your options to ensure that you are making responsible decisions regarding your finances and that you are not being taken advantage of.
Another bankruptcy alternative is a debt consolidation loan. This type of loan is given to individuals to pay off multiple debts and usually uses a person’s home as collateral. Debt consolidation loans generally have a lower interest rate or are acquired in order to secure a fixed interest rate on existing debt. The risk associated with this type of loan is that if the debtor is again unable to make payments, they may face foreclosure.
If you are facing financial difficulties and are considering filing for bankruptcy, contact the Florida bankruptcy attorneys at the law offices of Ryan J. Really, Attorney at Law, PLLC, at (239) 237-0675.