How to Avoid Bankruptcy:
One point which we always want to make clear to our clients is that in some cases, you may not even need to file bankruptcy. Depending on your specific financial situation, you may be able to avoid bankruptcy by taking one of many alternative routes. Here, we’ll discuss some of the best ways to avoid bankruptcy while still clearing up your circumstances.
With a loan modification or loan workout, you may be able to receive more favorable terms. This is in the lender’s best interests, as it ensures you’re paying, and it’s in your best interest, because it enables you to meet those payments at a level which makes more realistic sense. For instance, you may be able to reduce the interest rate of a loan, change a variable interest rate to a fixed interest rate, or extend a loan’s length in order to reduce its monthly payments.
Direct lender negotiations is a key aspect of receiving a positive loan modification. On your own, it may be difficult to navigate. However, experienced bankruptcy attorneys know the issues at hand, who to talk to, and how to get it done when negotiating with lenders and will also ensure that the new deal is really what it appears to be.
When you’re not dealing with a loan, such as a home’s mortgage or other types of loans, you may be dealing with credit card debt, and various other forms of debt. In these instances, there are other settlements, offers, comprises and negotiating tactics.
The same rules apply — they want to get paid, and you want to be freed of some of the excessive burden. With credit cards, direct settlement may be the most effective option depending on the circumstances.
With an experienced attorney’s assistance, you can successfully avoid bankruptcy. We’ll guide you through the process and help you determine whether or not filing bankruptcy actually makes sense for you. In either case, we’ll be there to fight on your behalf.
Specifics that may affect whether or not you want to file bankruptcy include your employment status and income, your family status, what type of property and other assets you have, how much debt you have accumulated and of what variety, and much more.
To learn more about how to avoid bankruptcy in Maryland, schedule a free consultation with Goren & Tucci, LLC, by calling us at 301.718.1892.