Are There Alternatives to Bankruptcy?

Dupage County Bankruptcy Attorney

Bankruptcy may or may not be the right answer for you. Every individual faces different challenges and complications in the realm of finances, and as such it is important that you make a well-educated decision about whether to file for bankruptcy in the first place. There are potential alternatives to bankruptcy that an attorney at our firm can help you review in making this important choice.

• Credit counseling is a mandatory part of becoming eligible to file for bankruptcy. At this time, the debtor will go over his or her personal finances and budget with an approved agency in order to look at the situation from an objective point of view. At times, it may be discovered that bankruptcy does not have to be the only answer.
• Debt consolidation most often involves a debtor taking out a loan in order to pay off a number of unsecured debts, such as numerous credit card bills or other liabilities. In having one monthly payment to make on the loan, the debtor may find that he or she can take control and avoid bankruptcy.
• Debt settlement may be another alternative to bankruptcy, in some cases. Some creditors prefer to have a debtor pay off a debt (albeit at a lower amount than what is actually owed) rather than receive little to no money when the debtor files for bankruptcy. Debt settlement involves negotiating this settlement amount with various creditors.

Dupage County bankruptcy lawyer Joseph Doyle believes in helping his clients work out financial decisions that truly work best for their particular situations, even if this means an alternative to bankruptcy.

Contact our firm today for a free bankruptcy case evaluation and to find out if an alternative to bankruptcy may be a better answer for you.