Although bankruptcy may solve a person’s financial problems, alternatives do exist.
1) Use a legitimate credit counseling agency to help manage your debt. These agencies work with your creditors to set up payment plans that you can afford. However, be careful of “scam” agencies. If an agency seeks a big upfront payment from you they are likely not reputable.
2) Contact creditors on your own. Explain your situation. You may be able to negotiate lower payments and a reduced interest rate. You never know what type of program you can get into until you ask.
3) Hire an experienced attorney to negotiate with creditors on your behalf. Our office has had a lot of success getting substantially discounted settlements for our clients. We offer our services at either an hourly rate or on a flat fee basis. The money saved via negotiation is usually many times greater than what you pay us.
If you would like to discuss whether bankruptcy or a bankruptcy alternative is in your best interest, call Fred Boyk in Toledo at 419-327-6160 for a free consultation