When you meet with one of Dailey Law Offices’ experienced Columbus Bankruptcy Lawyers you will go over alternatives to filing bankruptcy. Several of those options include:
- Credit Counseling Agencies
- Debt Settlement Or Creditor Negotiation
- Loan Modifications
- Deed In Lieu Of Foreclosure
- Short Sale
Credit Counseling Agencies
Credit counseling agencies act as a middleman between yourself and your creditors to negotiate lower payments and/or interest rates. These agencies are non-profit and offer free consultations. This is an alternative worth looking into if your debt only includes unsecured debt such as credit cards and medical bills.
Debt Settlement or Creditor Negotiation
Creditors are often willing to accept a lesser amount than the total debt owed in total satisfaction of the full amount owed. You can either try these negotiations on your own or retain an experienced Columbus Bankruptcy Lawyer at Dailey Law Offices’ to assist you with this bankruptcy alternative.
If you are behind on your mortgage payments or know that you will fall behind soon you should contact your bank to apply for a loan modification. Unfortunately, loan modifications are difficult to obtain and more often than not banks are difficult to work with, but it is an alternative to filing bankruptcy.
Deed In Lieu of Foreclosure
One way to avoid foreclosure is to issue the bank a deed to your home in lieu of foreclosure. If there is no equity or very little equity in your home the bank will likely not agree to this option, but if you do have a substantial amount of equity in your home the bank may be willing to accept title to the home and in exchange will not file a foreclosure action against you.
Another way to avoid foreclosure is to attempt a short sale. Many large real estate brokers have agents that specialize in short sales and if a short sale is feasible for your particular situation then it may be a viable bankruptcy alternative.
Contact Dailey Law Offices today to speak with a Columbus Bankruptcy Lawyer who will explore all of your bankruptcy and non-bankruptcy alternatives.