Alternatives to Bankruptcy in Brevard County
Learn More from a Melbourne Bankruptcy Lawyer
While bankruptcy can help many people obtain the freedom from debt they so desperately need, the option isn’t right for everybody, nor does everybody qualify.
For these individuals, a bankruptcy alternative might be the best choice. Bankruptcy alternatives can provide you with a similar outcome to declaring bankruptcy, but can do so without the negative consequences of filing bankruptcy.
If you’re considering filing bankruptcy but would like to explore all available options before doing so, speak with a Melbourne bankruptcy attorney from the Buchalter & Pelphrey Attorneys At Law!
Our team is ready to help you pursue the financial freedom you are seeking, and can help you develop an individually-tailored plan that meets your needs and puts you on the path to financial independence once again.
We understand that bankruptcy isn’t right for everyone, and we can help you pick the best possible alternative process that will help you achieve your goals and restore your credit rating.
Popular Bankruptcy Alternatives
Credit Counseling & Negotiation
If you have some assets you're willing to sell or have a steady income, you may be able to negotiate discounts on your debts with your creditors without actually declaring bankruptcy. Many creditors are more willing to do this than you might think, as many of them simply wish to get some of their money back and call your account closed rather than let bad debt sit on their books.
This option is very much a case-by-case deal, and some creditors are more willing to do this than others. This process can be extremely time consuming and difficult to accomplish on your own.
You may wish to contact a credit counseling agency or an experienced attorney to negotiate with your creditors on your behalf. It is important to research any attorney or company you are thinking about hiring to ensure they are qualified to assist you in negotiating settlements on your debt.
Settled debts are debts where a creditor agrees to take a reduced amount in exchange for discharging the debt. Settled debts are still reported on your credit report for a period of time, but they will no longer be reported as delinquent or past due.
Although settling debts does have an impact on your credit score, this impact is significantly lower than filing bankruptcy. It certain circumstances you may find that it is easier to rebuild your credit score after settling your debt than if you were to file bankruptcy.
Every case is different and settling debt and rebuilding your credit score can be very complex. It is highly advised that you speak with a financial planner or Brevard County bankruptcy attorney who can assist you with this process.
However, this impact is significantly lower than a full bankruptcy declaration, and you may find that it’s easier to rebuild your credit score after settling your debt than if you were to fully declare bankruptcy.
Settlement often requires negotiation, so it’s highly advised that you speak with a financial planner or Brevard County bankruptcy attorney who can assist you with this process.
Sue for Harassment
It’s not out of the ordinary for creditors or debt collectors to cross the line when it comes to the tactics they use to try to collect money you owe. As a consumer, you have rights, and protecting those rights can sometimes be a hassle.
If your creditors are calling you at all hours of the day, including while you are at work and after asking them to stop, or they begin threatening you with actions they do not necessarily have at their disposal, you may have a case to sue your creditors for harassment.
It is highly advised to seek assistance from an attorney when considering legal action against your creditors or debt collectors for harassment.
If you are struggling with debt and need assistance, find out about bankruptcy alternative options by contacting Buchalter & Pelphrey online now and letting our staff review your case!
“Amazingly accurate advice!” - Jeff Shick
“Thank you for helping me get my life back on track.” - M.
“Exceeded Expectations” - Mr Thankful