Bankruptcy & Alternatives

Bankruptcy is often not the only solution.  Some people can restructure debt outside of bankruptcy.  Some people can negotiate settlements and pay reduced balances.

If you cannot pay your debts when they come due, bankruptcy is an option. It is never a first choice, but where other options don’t work, bankruptcy is a powerful tool that can help you to eliminate some debts and restructure others. The goal is to get you back on your feet and in a position where you can pay your debts and move forward.

Alternatives to bankruptcy include such things as referral to a legitimate credit counseling service for repayment of credit card debts, coaching or assistance with settlement of delinquent debts, advice on ways to live with debt if it cannot otherwise be avoided, feedback on ways to maximize your chances to qualify for a mortgage loan modification and direction on what to do with delinquent student loans.

Bankruptcy falls into two broad categories. Personal bankruptcy and business bankruptcy.

For most individuals, a personal bankruptcy will be a quick and simple process that allows you to eliminate credit card debt and medical debt while you move forward and continue to pay your mortgage loans, car loans and student loans. There are also payment plan bankruptcy options available to individuals that allow you to stop a foreclosure, restructure vehicle loans and repay back taxes while also eliminating or reducing credit card debt and medical debt.

For most businesses, whether owned by individuals, an LLC or a corporation, the options are very similar. There are also special options available to farmers and fishermen. Additionally, a business bankruptcy will generally give the business far more flexibility in restructuring debt.

Chapter 7

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Personal Bankruptcy

There are two types of personal bankruptcy. A “liquidation” bankruptcy or a “payment plan” bankruptcy.

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Business Bankruptcy

Available for people who are self-employed and for ordinary businesses.

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If you fall far enough past-due on your mortgage payments, your lender will start a foreclosure.

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Bankruptcy Alternatives

We always consider alternatives to bankruptcy first. Here are some non-bankruptcy options.

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Chapter 13

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