The attorneys at the Law Office of David A. Fernandez, P.C. know how traumatic struggling with debt can be. While bankruptcy may seem like the answer to your financial problems, it is not the only option. Our bankruptcy alternatives attorneys evaluate your financial situation and explore other possibilities. After considering all of your options, you may determine that bankruptcy is not the right course of action for you.
The decision to file a Chapter 7 bankruptcy petition is a serious one and should not be made without the advice of an experienced attorney. At first glance, it may seem like a court-ordered discharge of your debts is the simplest and quickest solution, but bankruptcy will affect your credit rating and ability to borrow money for years to come. Bankruptcy is a good option for those who need it, but it should be considered as a last resort. Other debt relief options include:
Debt consolidation — This option is available for unsecured debts, such as the unpaid balance on credit cards, credit lines and unsecured personal loans.
The potential benefits of debt consolidation include:
The possible disadvantages of debt consolidation include:
The bankruptcy alternatives attorneys at the Law Office of David A. Fernandez carefully review your case, taking into consideration your present situation and your future.
Debt reorganization — Sometimes referred to as debt restructuring, debt reorganization involves negotiating new arrangements with your creditors for paying your existing debt. This is similar to the debt reorganization process that occurs in a Chapter 13 bankruptcy, except without the involvement of the court system. Private debt reorganization may include debt forgiveness, rescheduling and refinancing.
Advantages of private debt reorganization include:
The disadvantages of a Chapter 13 reorganization are:
The attorneys at the Law Office of David A. Fernandez can determine whether a Chapter 13 bankruptcy or one its alternatives is the best course of action for relieving your debt problems and building your future financial stability.
Debt negotiation and settlement — When you have income or assets available, you may be able to negotiate a plan for payment of the debt. Because negotiating with impatient creditors can be daunting, you need an attorney to protect your rights. The advantages of debt negotiation and settlement include:
As with the other options, there are some disadvantages to debt negotiation and settlement, including:
The attorneys at the Law Office of David A. Fernandez are experienced in assisting clients through bankruptcy and its many alternatives. Whether it turns out that negotiation and settlement or some other option is best for you, you can rest assured that we have thoroughly considered all of the alternatives with your best interests in mind.
Loan modification — In a loan modification, the parties agree to change one or more of the terms of the original loan. A modification may allow the loan to be reinstated after a default, or it might reduce the monthly payments to a level that you can afford.
The benefits of a loan modification include:
The major downsides of loan modification include:
Credit counseling — Reputable consumer credit counseling agencies work with you and your creditors to develop a plan to pay off your debts. You deposit money once or twice a month into a designated account, usually for three to five years, and the credit counseling agency uses that money to pay your creditors in accord with the terms of the plan. The major advantage of working with a credit counseling agency is that your credit record will not show a bankruptcy. The biggest risk, however, is that the credit counseling agency will prove to be unreliable or disreputable.
Signs of trouble include when the agency:
When you hire the bankruptcy alternatives attorneys at the Law Office of David A. Fernandez, we help you choose the best option for resolving your financial problems. We provide referrals only to reputable nonprofit credit counseling agencies, if that is the best alternative for you.
Call the Law Office of David A. Fernandez, P.C. at 713-893-8509 or contact us online to schedule your free 15-minute telephone consultation. Debt relief is easier than you might think. Call us, and you’ll be one step closer to financial stability.
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