Alternatives to Bankruptcy – Common Reasons Clients May Wish to Avoid Bankruptcy
For some, the perceived stigma of filing bankruptcy lead them to explore other options. Bankruptcy Lawyers in Tampa can demystify the process and also explain other options depending on your circumstances. For others, they do not wish to bring their case to court for fear of making their circumstances public record. Additionally, due to previous filing history or income levels, bankruptcy may not be an option for some.
Bankruptcy Lawyers in Tampa Discuss Common Alternatives to Filing Bankruptcy
Your bankruptcy lawyers in Tampa can provide financial planning and debt management counseling depending on your circumstances. Depending on the nature of the debt, you may be able to negotiate with your creditors for an extended payment plan. In the case of a home mortgage, options may be available such as mortgage restructuring or a short sale.
If you qualify, your mortgage lender may agree to accept reduced monthly payments over a longer period of time. Often, restructuring plans carry a higher interest rate and serious penalties if you fail to make a payment on time. Your attorney can discuss this option with you to help make sure you understand the pitfalls.
Some individuals can get bank approval to sell their home for less than they owe on it. Not everyone qualifies and your attorney can discuss this option as well.
Once you’ve decided which route to take to manage your debt, your attorney can discuss strategies to help rebuild your credit and plan for the future. The sooner you call, the more choices you may have.
To discuss your case with experienced bankruptcy lawyers in Tampa, make an appointment with the law offices of Savage Villoch Law, PLLC. To schedule a consultation for an evaluation of your options, call 813-251-4890.