Alternatives to Bankruptcy
Working with Creditors
In some cases, creditors and lenders would rather work with you to receive small payments then to have you file for bankruptcy and receive none. When you file for bankruptcy, the creditors can no longer solicit payment from you because an automatic stay will be placed onto your account.
Reconsolidation or Restructuring Debt
When you decide to reconsolidate or restructure your debts, you will work with a company to help you renegotiate debts. Sometimes, you may be able to borrow many to pay off one loan and thus be given a lower interest rate to pay off high interest rate loans.
You may decide that the best alternative for you is to make a personalized budget to control your spending and finances. You can choose to do this on your own or by working with a financial advisor or attorney from our firm.
Taking No Action
Although it may seem like a crazy thought, sometimes, the best thing to do is to take no action at all. In most situations, creditors will reach out to you to try to work out a payment plan rather than take legal action against you.
In some cases, the best thing to do to relieve financial debt is to file for bankruptcy. If you have exhausted all over bankruptcy prevention options and you are still struggling to stay afloat with debt, you may be eligible to file for a Chapter 7 or Chapter 13 bankruptcy. When you work with Torbet Tuft & McConkie we will thoroughly review your financially situation and help you determine the best course of action to take – even if that means taking no action at all. If you have questions regarding your situation and what the best course of action may be, contact an attorney from Torbet Tuft & McConkie as soon as possible and retain trusted legal representation. Schedule a free case evaluation today with a trusted Colorado Springs bankruptcy lawyer from our firm.