Personal Bankruptcy Alternatives

Full Video Transcript

Filing for bankruptcy is not the only solution to get debt relief. There are several viable bankruptcy
alternatives available. First, creating a debt management plan may be a viable option. An attorney may
be able to assist you with your debt by negotiating reduction and payment options directly with your
creditors. Second, working with a credit counselor to review your finances can assist you in developing a
budget to repay your debts. A credit counselor may also negotiate directly with your creditors. Third, a
debt consolidation loan would allow you to borrow at a low interest rate and repay your high interest
rate debts like credit cards. If the these alternatives aren’t viable then filing for bankruptcy will be your
last option. When filing for bankruptcy an experienced bankruptcy lawyer can make sure it is handled
correctly.
 

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