Alternatives to Bankruptcy

Guidance from Our DuPage County Bankruptcy Lawyer

Before filing bankruptcy, it is a good idea to search out any possible viable alternatives. This step is not only advisable, but required under federal law. A debtor must complete a credit counseling course within 180 days before filing a bankruptcy petition. The purpose of the credit counseling is to investigate alternatives to bankruptcy. At the Law Office of Joseph P. Doyle, we offer a free bankruptcy evaluation to our potential clients. Our experienced Dupage County bankruptcy lawyer will give personal attention to your particular situation. We will help you decide if bankruptcy is your best option.

Alternatives to Bankruptcy: Investigating Your Options

There are several alternatives to consider before filing bankruptcy. Negotiating with your creditors is one possible avenue, particularly if you have income or assets you are willing to sell. This might buy you time to get caught up on payments. In some cases, creditors are willing to settle for less than you owe. A debt consolidation loan is another option.

If you can obtain a loan to pay off your creditors, then you are left with only one monthly payment. Some debtors enter a plan with a credit counseling service. Deposits are made on a monthly basis, and creditors are paid through the service. Creditors may be willing to accept reduced payments and lower interest rates under a credit counseling plan.

When Bankruptcy Is the Best Solution

In certain financial situations, alternatives to bankruptcy are simply not going to solve the problem. If your debt is too high in relation to your means to pay, bankruptcy could be your only real option. Our Dupage County bankruptcy attorney is knowledgeable in all aspects of the different types of bankruptcy. For friendly, professional guidance in this important financial decision, contact us.