Real Bankruptcy Alternatives from an Experienced Bankruptcy Attorney

In my experience, people wind up badly in debt for a variety of reasons and have different needs and priorities when it comes to seeking real debt relief. Most people think bankruptcy when they think about stopping foreclosure and creditor harassment. Bankruptcy is not the only option. It may not be the best option for you.

My name is Doug Breyfogle. I’m a bankruptcy attorney with more than 20 years of experience helping people like you take the steps necessary to get out from under overwhelming debt. From my offices in Kansas City, I serve clients throughout Missouri and Kansas who need intelligent legal guidance and dedicated representation in the bankruptcy process or in pursuing a smart alternative. Contact me today for a free consultation.

Real Bankruptcy Alternatives Exist

If you are considering whether or not to file for bankruptcy, here are just a few of the bankruptcy alternatives that may be available in your case:

  • Debt negotiation: Working with your creditors to set up a reduced monthly payment schedule.
  • Alternative repayment plans: Working out a formal plan with the help of a reputable credit counseling service.
  • Mortgage renegotiation: Restructuring your loan to decrease payments, interest rates or even principal. This is also known as loan modification.
  • Foreclosure: Allowing a foreclosure to proceed may seem frightening, but it might be the best, most cost-effective option for getting you out of a mortgage that you simply cannot afford.
  • Short sale: Finding a buyer for your house may be difficult if you have to receive the mortgage value to get out of debt. Home values have fallen so much that some people’s mortgage is worth more than they could ever get from a sale. A short sale agreement enables you to sell the house you can no longer afford. The proceeds of the sale go to your bank or mortgage lender and the balance of your debt is written off.

Regardless which alternative to bankruptcy may make sense in your case, you should be aware that there are disreputable businesses and Internet scams that may try to take advantage of you. Don’t be deceived by a debt negotiation or credit repair scam. Consult an experienced, licensed attorney before you make any decision, and never, ever, conduct this kind of business only over the Internet.

The Hidden Option: Do Nothing

Should you file for bankruptcy or pursue an alternative? Perhaps the answer is neither. It may be that your creditors have no ability to really hurt you. They may not be able to take your house because it is a legally protected homestead. They may not be able to attach your income or garnish your wages. The worst they can do is continue to put negative marks on your credit rating while you gradually pay them what you can afford. Your creditor may even decide to simply write off the debt.

Doing nothing does not mean ignoring the problem and hoping it will go away. It won’t. It may simply mean that there’s very little that can be done outside of bankruptcy, and that bankruptcy would either be too expensive or you don’t qualify. I can help you evaluate all your options — Chapter 7, Chapter 13 or an alternative to bankruptcy — and will guide you on the course that helps you obtain the debt relief you need without sacrificing your long term goals.

Contact Me Today for Professional Guidance

To discuss your situation in a free telephone consultation, please call my Kansas City office at 913-742-8700. You can also contact me by e-mail now for answers to your important questions or to schedule an appointment.