Debt Managment Alternatives: Exploring Your Options
Although bankruptcy is often the best option, many clients are interested in examining alternatives to bankruptcy. On request, we will thoroughly examine your personal situation to determine whether there are other courses of action which make more sense than bankruptcy. Oftentimes we find that clients have undiscovered assets, and that their debts can be reduced or eliminated without bankruptcy.
This is especially true in light of today's difficult real estate market. Mortgage holders are reluctant to foreclose on properties, because they are already holding a huge inventory of foreclosed homes and commercial buildings. They are willing to explore options such as short sales and mortgage modifications which will allow them to avoid foreclosing. We have much experience at handling this type of negotiation, and can assist you in attempting to maximize the benefits obtained through such negotiations.
Also, in the present economic environment, unsecured creditors, such as credit card companies, are incurring huge write offs indirectly resulting from the real estate downturn. As consumers file bankruptcy in an effort to retain secured assets -- most often their houses and cars -- their unsecured creditors are unable to recover any of the money they are owed. The prospect of having to completely write off debts provides credit card companies a strong financial incentive to compromise and keep consumers out of bankruptcy. Thus, many clients realize financial benefits we obtain through negotiations with unsecured creditors.