When facing financial issues, bankruptcy may not be your only option. There are a number of alternatives to bankruptcy that are available to individuals. It is important to know the options that are open to you so that you can make an educated choice. Our attorney will help you explore the options and provide insight on the right option for your circumstances
At the O'Brien Law Firm, LLC, we work hard to clearly explain all of the options to clients. Located in Southaven, our law firm serves clients throughout northwest Mississippi and southwest Tennessee. If you are wondering what the alternatives to bankruptcy are, contact our law firm for more information by calling us at 662-655-1012 or at 866-504-5969.
Options And Alternatives To Bankruptcy
Bankruptcy is not right for everyone. Our legal professionals want our clients to understand that there are other options, including:
- Consumer credit counseling service: This is a repayment service for clients. As it is voluntary for the creditor, they do not have to participate or accept any proposed terms. In addition, this does not always eliminate creditor harassment. If the creditor elects not to participate, it can continue to place harassing calls and can continue with any lawsuits.
- Defensive litigation: Litigation is always an option to address some of the debt concerns. However, it is often far more expensive than bankruptcy fees.
- Application to pay in installments: This option involves a legal action in Mississippi. It involves paying all of your debt at a reasonable monthly amount and requires Court approval in Mississippi. Attorney fees can rival those for a bankruptcy, so this only makes sense if you have very few debts in default.
- Non-bankruptcy debt consolidation: While this is frequently advertised on television, it is important to know that not all of the advertising companies are reputable.
- Short sale: A short sale is another way to potentially avoid bankruptcy. This occurs when an individual opts to sell his or her home for less than is owed. In other words, the mortgage lender agrees to release the mortgage lien on the house for less than full payment. The debtor may remain liable for some or all of the balance or be required to pay tax on the difference as if it were income.
- Deed in lieu: This occurs when the borrower deeds the property to the lender instead of going through foreclosure.
- Tax: If you have tax debt, there is the possibility, depending on the type of debt you have accrued, that a CPA or tax attorney could best address your financial situation.
Contact A Horn Lake Credit Counseling Attorney
If you are looking for a lawyer to handle your bankruptcy or assist you in finding the best option for your financial hardships, contact us online by filling out the form, or by calling us at 662-655-1012 or toll free at 866-504-5969.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.