Bankruptcy Attorney | Debt Trouble?  Here are Your Options

Bankruptcy Attorney.  Are you overwhelmed by debt? After you determine what type of debt you owe and your level of income, you can develop a plan for you financial situation. Here are your options:

Do nothing. Generally this is only an option if you are judgment proof, which means that your creditors, even if they sue and get a judgment against you, will not be able to collect from you. In most cases, all of the following must apply to you to make you judgment proof:

Negotiate with creditors. You may be able to get some relief by negotiating with your creditors directly. Different types of debt have different options. You can reduce or temporarily suspend mortgage payments under the government modification programs, or lower your credit card payments or interest rates by reaching an agreement with your credit card lender. You don’t need a debt settlement agent to contact your credit card lender for you. For more details, see Strategies for Negotiating With Creditors.

File for bankruptcy. If reaching individual agreements with your creditors is impractical, you need more time to catch up on secured debt, or need to stop a wage garnishment, bankruptcy may be the best solution. To find out more about bankruptcy generally, the different bankruptcy options available, and the requirements for each type of bankruptcy, see What is Bankruptcy?

Apply for a student loan flexible payment plan. If you can’t make your student loan payments, there are a variety of options available to you. In most instances, you need to take action before you fall too far behind. The options differ based on the type of loan you have. Consolidation might help but it might also limit your options. Contact your lender and read Options for Repaying Student Loans to learn more.

Get help from family or friends. For most people, this is a short term option. However, it may be easier to get help from family or friends if you have a plan to deal with your debt. For example, family might be more likely to pay your bankruptcy attorney’s fees, or help you out with a payment to rehabilitate your student loans which then enables you to get on a better payment plan, as opposed to helping you make payments every time you fall behind.

Consult with a lawyer. If you still need help deciding which course of action is best for you, you can consult with a debt relief lawyer for more information. To find out what types of debt relief lawyers there are and how to find a lawyer for your particular problems, see Nolo’s section on Debt Relief, Debt Settlement and Consumer Lawyers.

Watch Out for Tricks or Scams

When you are in a difficult financial situation, you are particularly vunerable to debt relief scams or collection tricks. -nolo

Contact a Jacksonville Bankruptcy Attorney today. 

We are a small law firm of bankruptcy experts but we deal with big challenges each day. Whether our clients are businesses or individuals, many face serious financial issues. Others may not be as deep in debt but are still suffering due to the stress of their financial situation. Pinkston and Pinkston – Attorneys at Law can help.

We have been specializing in Bankruptcy Law for over 20 years.  Contact us today!