Alternatives to Bankruptcy
The inability to pay your debts does not automatically mean that you need to resort to bankruptcy. In fact, the process is not meant for everyone, and some debtors will not qualify at all. There are alternatives to bankruptcy that can be used to alleviate the debts that you cannot afford, and at Adams Law Group, we can discuss which of these alternatives would be best for you.
Alternatives Offered by Creditors
Rather than endure the incessant phone calls of a harassing credit collector, debtors may be able to negotiate new terms for the payments they owe. For example, some creditors simply want money, even if it means bending on the total amount that they eventually receive. In these cases, the creditor may be willing to settle the claim in question for a smaller cash payment than the full amount that would otherwise be owed.
Other creditors may be willing to accommodate debtors in alternative ways. Rather than settling for a smaller amount, creditors may instead opt to stretch out the length of time that a debtor is allowed to repay the money they owe. Similarly, these creditors could choose to minimize the amount owed in order to ensure that it is paid in full. Debtors that are allowed this route can make smaller payments over a longer period of time, effectively providing the creditor with their money and simultaneously allowing for a bit of financial ease for the debtor.
Are you judgment proof?
Debtors that are deemed "judgment proof" fall into a category of individuals that have only the bare minimum when it comes to money and property. The little they have does not amount to enough to be able to pay any court judgment that might otherwise be made against them. For persons who are recognized as judgment proof, there is no need to file for bankruptcy because there is not enough property or wages to go after. It is pointless for a creditor to hound a debtor that is judgment proof, because no court action would be effective in enforcing a bankruptcy proceeding that would not be profitable.
We can help you find an alternative!
With years of experience and an abundance of knowledge, Adams Law Group can help you find a solution to your debt, even when your financial situation disqualifies you from bankruptcy eligibility. From debt consolidation to debt restricting, we are intimately familiar with the ins and outs of debt proceedings.
Across the country, small businesses, large corporations and persons in all states of financial means are finding themselves in compromising positions. Rather than immediately resorting to bankruptcy, allow the attorneys at our office to explain the alternatives that might be available to you. The financial struggle you are currently dealing with could be alleviated by an alternative to bankruptcy, and we can help you determine what that might be. Contact Adams Law Group for more information.