Your Options for Resolving Financial Problems
When you can’t meet your financial obligations, a bankruptcy filing can be like a breath of fresh air. It can help you take a breath, get your bearings and put things in order. But it can also be a long and complicated process, and may lead to a number of undesirable consequences—the loss of property in a bankruptcy sale, a permanent mark on your credit report. There are other ways that you can attempt to resolve a financial crisis.
Renegotiate Payments with Your Creditors
You may be surprised to learn how willing your creditors may be to negotiate new payment arrangements. It’s important to remember, though, that if you file for bankruptcy, they’ll be significantly affected as well. It’s often as much in their interests as yours to keep you out of bankruptcy. You may be able to negotiate a repayment schedule that gives you a forbearance (a period of time where you don’t have to make payments), so that you get the opportunity to get caught up. You may also be able to keep delinquent payments off your credit record.
Work with a Credit Repair or Credit Counseling Agency
It needs to be said up front—there are credit counseling agencies that are honest and offer a valuable service—and there are many that will take your money, but leave you no better (or even worse) than you were. If you want to pursue this option, make certain the company you choose has been approved by the U.S Trustee. Watch out for big upfront payments or hidden fees. If the counselor offers an arrangement that’s too good to be true, it probably is.
Contact Heath, TX Bankruptcy Attorney Carrie Weir
I provide a free initial consultation to anyone with questions or concerns regarding a bankruptcy filing. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.
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