Bankruptcy Alternatives

Bankruptcy alternatives for those who want to avoid bankruptcy and consider all their options. Let’s review the pros and cons of your different courses of action together. Beforehand, let’s go over a couple of ground rules.

No option is perfect

Firstly, let’s start with this. Bankruptcy has flaws. However, so does every other option. It’s easy to find problems and poke holes at suggestions. Consequently, no alternative is perfect. It’s going to take analysis, deliberation, and some real rational left-brained thought to weigh things. To try to figure out which option is best for you.

You and your situation are unique

No one is like you

Next, what works for one person is not best for someone else. You are unique. You have your own personal priorities. What you consider important as values, someone else may disregard. Additionally, priorities change over time. What you held closely as important ten or twenty years ago may be irrelevant today as we mature and grow and life changes.

Someone’s else’s bankruptcy alternatives don’t work for your situation

Further, your situation is one-of-a-kind. Your friend or relative may have chosen one of these bankruptcy alternatives. However, their income, assets, family, goals, and debts are different than yours. Just as one person’s decision to get (or avoid) surgery has no bearing on your own choice, the same goes for legal choices,

WHAT WORKS FOR ONE PERSON IS NOT BEST FOR SOMEONE ELSE.

Hale Andrew Antico, Bankruptcy Attorney

The bankruptcy alternatives

With that introduction and ground rules out of the way, then, here are some bankruptcy alternatives for those who want to avoid bankruptcy.

• Stay current on your debts, and make all your minimum payments on time.
  • Pros: great credit, avoid bankruptcy
  • Cons: can be unaffordable, never get out of debt
• Don’t pay some or all of the debts
  • Pros: save money
  • Cons: creditor lawsuits, harassment, wage garnishment, bank levy, judicial liens
• Debt consolidation to a middleman company
  • Pros: avoid bankruptcy, might be affordable
  • Cons: hurts your credit score, invites creditor lawsuit
• Settlement of debts by debt negotiation
  • Pros: save money on debt balances
  • Cons: usually requires lump sum payments
• Bankruptcy is also an option
  • Pros: elimination of debt, fresh start
  • Cons: bad credit score (temporarily), could lose things in Chapter 7

Summing up

Finally, there are many bankruptcy alternatives. Each has drawbacks, and also features about them that are enticing. As a bankruptcy attorney for two decades, I can impartially evaluate and analyze your situation and help you decide which is best. Not the financial option that is best for me, or your relatives, or that person who does your hair, but the best outcome for you.