Bankruptcy Alternatives Lawyers Serving Tampa
Explore Your Options with Help from a Proven Debt Relief Team
Not everyone is a candidate for bankruptcy. Some people may not be eligible. Others may want to avoid the disadvantage of having a bankruptcy filing on their credit report with its negative effects on their score and ability to get future credit. Still others may find bankruptcy an unthinkable action that is a personal failure or black mark on their character. While the latter is certainly not true as millions of people can attest to who have filed for valid reasons, it still may be a dealbreaker.
No matter what the reason may be to avoid bankruptcy, it is in your best interests to ensure you understand it, its benefits and disadvantages, and the alternatives you may opt for in lieu of bankruptcy. At Grayson & Monroe, PLLC, we deal with debt relief matters every day with people from all types of backgrounds and walks of life. We know that everyone we talk to has individual needs, objectives, and personalities. No cookie-cutter approach will work for everyone. That is why we take the time to learn your unique situation and to help you explore all the debt relief options available to you. With decades of combined experience under our belts, we have the knowledge and resources to guide, advise, and implement the type of legal action that is right for you.
What Are Your Alternatives to Bankruptcy?
Various debt relief options exist that may be more appropriate or more acceptable to you based on your particular situation. These can include:
- Debt settlement in which your attorney negotiates with your creditor for a reduced balance, a partial balance to pay off your debt through a lump sum payment, or simply reduced payments on a temporary or permanent basis; a reduced balance seeks forgiveness on the amount you do not pay which can lead to a credit score decline or tax consequences
- Debt consolidation using a personal loan, a line of credit (such as home equity line), or a zero percent interest credit card to pay off debts that rolls them into one monthly payment that you can afford
- Selling off certain assets which works if you have valuable assets that could bring in funds, such as art, vehicles, collectibles, or other tangible property
- Changing your lifestyle habits and routines to pare down your expenses; this can include the simple but powerful tool of creating a budget based on your disposable income and putting the money you save towards your debts
Debt settlement is particularly advantageous to those who have only one outstanding debt that is heading towards wage garnishment, a lien on your house, or other litigation. Having an attorney represent you is beneficial in this process where you will be negotiating with your creditor for better terms or a reduced balance. The benefits of this approach are that an attorney can maximize the conditions of the settlement, create a written agreement that protects you from further collection attempts or legal action, and give you the peace of mind knowing that the entire process meets legal standards. Debts that can be handled through debt settlement can include credit cards, medical bills, vehicle loans, personal loans, or rental arrears.
Rely on a Proven Debt Relief Law Firm
At Grayson & Monroe, PLLC, we offer compassionate service combined with extensive knowledge and considerable litigation experience. Understanding your debt relief options is the first step towards resolving your financial dilemma. Our firm is here to help you understand and explore all options and to give you the guidance you need to make a fully informed decision about what is best for you.
Call us at (813) 644-3730 today.
Many of our clients have come across the same initial questions as they begin their journey to financial freedom. Visit our FAQ page to get some quick answers.