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Alternatives to Bankruptcy

Irvine Bankruptcy Attorney Explains your Options

Peter Rasla & Associates, P.L.C. is pleased when they are consulted early enough that they can recommend alternatives to bankruptcy for a person, family or business. Many people wait too long before seeking advice on all of the options available to them, and therefore bankruptcy may be the only option available to them. The sooner you act, the sooner you will be back in control of your financial future, so don't wait to consult with an Irvine bankruptcy lawyer about this process.

Credit consolidation loans are one option if you are qualified for one. The loan pays off your debts and you then have only one monthly payment to make which greatly simplifies the matter. It is often possible that the payment will be lower than your previous combined payments and a better overall interest rate. Consolidation is often a significant option that can allow you to avoid bankruptcy while still making your payments more affordable. Loan modification can be used by those that own property that they are unable to afford at this time. It is best to seek these options early on, rather than when you have already fallen behind in payments. Through this choice, a plan can be developed that may change the overall amount you owe, can help you avoid late payments and can get you back on track.

Owning a house is a big venture and when you run into a setback, a loan modification may be able to keep you in your home. Short sales are for those that are facing the possibility of foreclosure. By selling the house fast and at a lesser amount than what is owed on it, you can avoid some of the repercussions and if it is handled right can potentially avoid some of the cost. Many people have found that their houses are currently less than the amount that they owe on it. They are at an immediate disadvantage and there is often no reason to hold on to the home. While the home will likely not sell at an amount that solves the difference of the owed amount and the current value, a well-planned short sale may be enough to put you in a far better position. Why hold on to something that is only weighing you down and likely leading to stress.

Debt negotiation can work for some but it can be risky if not done correctly. Some creditors realize that they may get nothing if they are unwilling to reduce the amount owed. With skilled negotiation, you may be able to get creditors to lower the balance of your debt to an amount that you can now repay rapidly. Creditor harassment during these negotiations can become quite severe and many are not willing to endure this. If you have hired a service to perform this negotiation for you, you must be very careful. These industries are not regulated in any way and can often make more problems than solve them.

Contact Peter Rasla & Associates, P.L.C.

The firm has one goal in mind with every client. That goal is to find the best possible solution for their unique circumstances and help them to achieve it. No one should be left to deal with never ending debt on their own and you don't have to. If you are looking to avoid bankruptcy, meet with a member of the firm. They know that bankruptcy is not for everyone and they don't want to force anyone into something that isn't right for them. If you are facing the crushing burden of debt and you are ready to act effectively to change your situation, the firm can help. Are you looking for an Irvine bankruptcy attorney? Contact the firm soon to receive the trusted legal counsel concerning your financial situation that you deserve.


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