What Are Your Debt Relief Options?
Bankruptcy offers numerous benefits for many people who are overwhelmed with debt, but it is not the right solution for every case. Some people are uncomfortable with filing for bankruptcy, and others do not want to risk losing any assets or damaging their credit. Our team at the Law Offices of Buddy D. Ford, P.A., can help those who do not want to file for bankruptcy or who do not think filing is the right fit for their situations explore alternative methods of debt relief in Tampa.
Common Bankruptcy Alternatives
If you are overwhelmed with debt and want to avoid filing, our experienced firm can help you determine whether an alternative solution for bankruptcy may be beneficial for you. There are four common alternatives to bankruptcy:
1. Debt Settlement
Debt settlement involves negotiating with your creditors to reduce the balance that you owe. Your attorney can advocate on your behalf to negotiate an agreement with your creditors that is fair and accepted by both parties. When a new agreement has been accepted, you will pay that amount in full and the creditors will release you from the remaining balance.
2. Debt Consolidation
To consolidate your debts, you would acquire one large loan that would be used to pay off your smaller debts. Usually, the loan is secured, and instead of making numerous payments each month to all of the creditors, you would make a single monthly payment toward the loan. In some cases, consolidation can also involve transferring your debts to a credit card with lower interest.
3. Mortgage Loan Modification
If you own a home, modifying your mortgage loan could enable you to reduce your interest rates and catch up on your payments. Your attorney can negotiate with the lender to lower your interest rate, reduce your penalties and late fees, or reduce your principal. These modifications will lead to extra money each month that you can use to repay your creditors.
4. Debt Counseling
Debt counseling is similar to Chapter 13 bankruptcy, because it involves negotiating with your creditors to create a repayment plan. Your attorney can negotiate with your creditors to come up with a plan that has more affordable monthly payments.
The Importance Of Speaking With A Bankruptcy Attorney In Tampa, Florida
Before diving into a bankruptcy alternative, it is imperative that you discuss your situation and options with an experienced lawyer. Since the downturn in the economy, countless companies have popped up that “guarantee” that they can erase consumers’ loans. Many are only looking to turn a profit, however, so it is crucial that you speak with a knowledgeable attorney to avoid being taken advantage of. Our dedicated team at the Law Offices of Buddy D. Ford, P.A., can thoroughly evaluate your unique circumstances to determine which bankruptcy alternative would be most beneficial and then guide you through the process. We are committed to helping our clients achieve freedom from debt, and we can assist you as well. Contact a Tampa bankruptcy lawyer at our firm today. Call us at 813-302-1258 or toll free: 866-596-9247.
We are a debt relief agency. We help businesses and individuals file for debt relief under the Bankruptcy Code.