There are many alternatives to bankruptcy, and, to be clear, many reasons not to file. The advantages of filing are different from person to person; few bankruptcy situations are exactly the same. Sure, a home going into foreclosure, high medical debt, loss of job - these things are often the root cause.
Bankruptcy may not be a good option, for example, if you have little to not assets, little if any income, and in short nothing to lose if a creditor goes after you. If you do have assets and an income, you should not look the other way.
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That makes a short version of this article: if you have something to lose, you might file bankruptcy; but if not, you may want to avoid it. However, there are many things you should know about the alternatives to bankruptcy, namely the one where you do absolutely nothing.
The Do Nothing Approach
There are many alternatives to bankruptcy, yet doing nothing is sometimes the first thing you'll hear. This form means you file no bankruptcy, you contact no creditors, and you hire no lawyer.
Yes, if you have nothing to lose, it can work out. However, it's very dangerous and can be costly. Few of us have absolutely nothing to lose. Even if you are on Social Security assistance, own no property, and have no other income coming in, it can be very problematic use the "do nothing" approach. It's usually best to do at least something to protect what you have, and filing bankruptcy is one of them.
You'll be thrown in prison for not paying on your debts, right? No, unless you have immense back taxes, child support, or alimony you are not paying on, you rarely go to prison. That's really not the downfall. The problem is few of us have something we cannot lose. Even if it's just a car or a part-time job, there are consequences. If you have something to lose, you should consider a different alternative or bankruptcy.
Other Alternatives
You can speak with creditors yourself. This is a very good option if you feel you can get a deal, if you have a means for payment, and if it's early in the stages of collections. Even if you can't negotiate, you can still file bankruptcy. You can also technically stop creditor harassment yourself, by writing a letter to them asking them to stop contacting you. This does not solve the problem, but it makes life easier.
Why Bankruptcy?
Most are eligible for personal bankruptcy, either by Chapter 7 or Chapter 13. Bankruptcy is not your only alternative, but there are situations where it's your best option.
- You have over credit card and medical debt you cannot afford to pay back.
- You have a home you want to keep.
- You have a job and cannot afford wage garnishment.
- Creditors won't negotiate.
The first step is to hire an experienced bankruptcy lawyer in your state. Though lawyers charge a price, they're often worth their weight in gold. Consider how much you can gain with bankruptcy, and you'll often see why over 1 million file every year: you get a fresh start.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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