bankruptcy alternatives

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B A N K R U P T C Y A LT E R N AT I V E S I N W E S T PA L M B E A C H

WEST PALM BEACH BANKRUPTCY ATTORNEYBankruptcy provides a solution to insurmountable debt and the stress that comes along with it. The idea of having your debt eliminated or substantially reduced is reason enough for filing for bankruptcy relief. Bankruptcy can have a lasting effect on your financial future as it will stay on your record for ten years, although rebuilding your credit can take place much faster than many people expect. Some may not want to choose to file bankruptcy, or do not qualify. In such cases, there are alternatives that could help you resolve your debt problems, and I can help.

As a West Palm Beach bankruptcy lawyer, I serve my clients both in bankruptcy and in seeking an alternative that will get their financial difficulties under control or completed resolved.



W H AT A R E T H E A LT E R N AT I V E S T O F I L I N G F O R B A N K R U P T C Y ?

Credit Counseling

This step should be taken for two reasons. First, you will learn how to better manage credit and how to create and live within a realistic budget. Second, if you do elect to file for bankruptcy, you are required by law to undertake credit counseling before you file your petition and this will fulfill that requirement.

Ensure you are using a firm that is registered so that this requirement is met should you decide to file bankruptcy, and our West Palm Beach bankruptcy lawyer can help.



P E R S O N A L C O N TA C T W I T H C R E D I T O R S

Do you have regular income which provides a surplus after basic expenses are met? If so you may be able to negotiate payment plans with your creditors. Initially it is easier to ignore creditor calls but actually, failing to communicate can make your problems far worse. If you have avoided creditor calls and are now facing legal action, threats or lawsuits, we can get involved and help you get the situation sorted out.

Our firm is skilled in negotiating lower interest rates, reduction or elimination of late fees and a monthly payment that you can afford. Once agreed, make your payment on time. Most creditors will prefer this to more aggressive collection action, and when a West Palm Beach bankruptcy lawyer is managing the case, creditors sit up and listen. We are often able to negotiate favorable terms for our clients, and we can help you too.



D E B T S E T T L E M E N T

Arrangements can be made to "settle" your debt for a lower amount. If your debt is now in the hands of a collection agency, you may not be aware of the fact that the agency probably bought the debt for only pennies on the dollar. They want every cent they can get, and will pursue the whole amount.

At our firm, we know what they are actually likely to take in a settlement. We can help you settle debt and we will fight for the lowest amount and best terms possible. When we are involved, they sit up and listen.



L O A N M O D I F I C AT I O N

A mortgage is a large responsibility to take on and due to all types of circumstances many people may find that they cannot keep up with the monthly demands. What is a loan modification? It is an adjustment that is made to the original terms of the loan on a mortgage allowing it to be adjusted to lower the principal balance, change monthly payments, get rid of late fees and offer other potential forms of relief.

A loan modification needs to be worked out with the lender and they need to agree to it in the first place. Due to a large number of home owners unable to meet their costs, more lenders are open to this idea to avoid foreclosure. A modification can be incredibly beneficial and can allow the option of avoiding foreclosure and keeping property. It should be sought as soon as you find that you will be unable to keep up with costs, rather than allowing the situation to worsen.



S H O R T S A L E

For those that are faced with a foreclosure, another option to avoid this is a short sale. This needs to be worked out with the creditors before moving forward with the option. A short sale will mean that the property is sold below the value that is actually owed on it and it is important to address the deficit since creditors may still hold you accountable.

If a short sale is handled correctly it can allow for less of an impact than foreclosure and will potentially have fewer financial ramifications. It can also allow the property to be sold faster since there is incentive to buyers. Creditors will need to be convinced and working with an attorney can help in this process to present a plan to help find a solution.



D o N o t h i n g

If you are "judgment proof," some creditors are likely to be unwilling to spend the money to sue you. A judgment is worthless unless there is a way to satisfy that judgment. Garnishing a paycheck and placing a lien against tangible property are methods by which a judgment could be collected. If you have neither, you may be judgment proof, but only as long as you remain in that financial condition.

Even if you are judgment proof currently, it doesn't mean that you are now free from the obligation. Filing for Chapter 7 will relieve you from the majority of your unsecured consumer debt, and you will no longer owe these creditors, which could be far superior to suffering the hassle of creditor calls, letters and threats.



F L O R I D A B A N K R U P T C Y AT T O R N E Y

This is a big decision to make. My firm, Walker Law Firm, P.A. has the experience and understanding of the law that you need to empower you to make the right decision.

Call my firm at 561-689-1512 to schedule a complimentary initial appointment so we can formulate a strategy that gives you the relief you deserve.