Is Filing Chapter 7 Bankruptcy The Right Debt-Relief Method for You?
Consider Your Alternatives to Filing Chapter 7 Bankruptcy
There are many accidental paths toward financial turmoil. Some people end needing financial help because of situations that are completely out of their control. Others find themselves unable to pay their bills because of high interest rates and endless fees that are tacked on their old debt.
No matter how you got into financial trouble, you should know that there are actions you can take. Remember—you have the power to change your financial situation.
Chapter 7 bankruptcy may be a good option if you're overwhelmed with unsecured debt like credit cards or medical bills and you have few assets; however, filing Chapter 7 bankruptcy may not be the right solution for everybody.
It's important that you consider all of your alternatives to filing for Chapter 7 bankruptcy with the information below and by getting in touch with a local bankruptcy lawyer. Upon you filling out our free bankruptcy evaluation form or calling 1 (888) 632-0501, Chapter7.Me can connect you with a bankruptcy lawyer in your area who can help you examine your debt-relief options.
Chapter 7 Bankruptcy Alternatives
Paying Your Bills: We know that it's easier said than done, but there may be ways to increase your income and/or buckle down and save more money. That extra income could go toward paying your bills.
Negotiating With Your Creditors: You have every right to call your creditors directly and ask them to reduce your interest rates, excuse late fees or other charges, or forgive your debt.
Filing a Chapter 13 Bankruptcy Debt Repayment Plan: If you own a home, are facing mortgage foreclosure and/or have steady income but are facing mounting debt, Chapter 13 bankruptcy may be a good option for you.
Consolidating Your Debt: A debt consolidation loan from another lender may help lower your interest rate and simplify making payments by having just one bill to pay each month. However, if you miss payments, you could possibly lose the property you put up as collateral.
Hiring a Debt Settlement Agency: A debt settler acts as an intermediary between you and your creditors and may be able to reduce your debt by as much as half. But take note that not all debt settlement agencies look out for your best interest.
Doing Nothing: This is an alternative to filing Chapter 7 bankruptcy; however, it is NOT a practical solution for most people. Ignoring your debt can lead to serious consequences like liens being placed on you car or house and serious damage to your credit score.
Determining the Right Debt-Relief Option For You
Everyone's financial situation is unique, and distinct circumstances call for specific actions. For this reason, a bankruptcy attorney can be a valuable resource.
Our goal at Chapter7.Me is to provide you with the information you can use to make an informed decision about your financial future.
We understand that you may have questions about your unique situation—that's why we are sponsored by an extensive network of sponsoring bankruptcy attorneys ready to address your questions.
A bankruptcy lawyer can help you map out your debt-relief path and determine what actions may be right for you to take.
Connect to a local bankruptcy lawyer by filling out our no obligation, free bankruptcy evaluation form or calling 1 (888) 632-0501.