Alternatives to Bankruptcy

What other options do I have?

There are plenty of alternatives to bankruptcy that individuals can take advantage of if they do not wish to declare themselves bankrupt. At Atlantis Law, the team of trusted legal professionals will sit with you and determine the amount of debt that you possess and help you evaluate your disposable income versus the amount of debt that you have accrued. If you are unable to file for bankruptcy, or simply wish to exhaust other means of becoming debt free first, you need to work with Atlantis Law. When you retain the firm's services, the attorneys can help you determine if any of the following bankruptcy alternatives may be right for you.

Debt Settlement
In some cases, lenders and creditors will work with you in a debt settlement. These settlements are usually allowed of individuals who can no longer afford minimal payments against a particular debt, such as a mortgage or auto loan, and wish to eliminate just that specific debt. You and the lender will work toward an agreement to pay and the remaining debt will be considered discharged and you will no longer be liable to pay.

Short Sale
Instead of facing foreclosure or bankruptcy, homeowners can eliminate their mortgages by agreeing to a short sale. Short sales are agreements between lenders and homeowners to sell the home for less than the price of the loan. In the state of California, if a lender agrees to a short sale, the homeowner will not be responsible for paying deficiencies in the loan after the sale is finalized.

Credit Counseling
Credit counseling can be a great alternative to bankruptcy. By working with a credit counseling agency, you may be able to negotiate with creditors or consolidate debts into affordable payments. Sometimes, you can negotiate with creditors on your own, but it is always recommended that you work with a professional to ensure that your rights and investments are protected.

Chapter 13
While Chapter 13 is still bankruptcy, it is not a liquidation bankruptcy like Chapter 7. In a Chapter 13 bankruptcy, you will have the option of becoming debt free through a pre-approved payment plan system that will allow you to repay creditors over a course of five to seven years and still retain your home, cars and other property.

Trusted Legal Representation

If you are considering filing for bankruptcy or you are looking for an alternative to filing, you should contact Atlantis Law as soon as possible. Their team is dedicated to the well-being of clients and ensuring that they receive favorable outcomes for their debt cases. If you know that you are delinquent on payments or that you may be falling behind, do not hesitate to work with the trusted Atlantis Law as soon as possible. Contact a Rancho Cucamonga bankruptcy lawyer today and schedule a free case evaluation.

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