Alternatives to Bankruptcy
Bankruptcy Is Not the Only Solution
Are you tired of living your life in debt but still want to avoid declaring bankruptcy? You are not alone. Bankruptcy is becoming increasingly common, with the number of cases increasing from approximately 850,000 in 2007 to more than 1.4 million in 2011, but it is not for everyone. Filing for bankruptcy should be a last-ditch approach to solving your problems with debt, one which you only pursue after you have exhausted all your other options. When you come to The Law Offices of Justin McMurray, P.A. for a free initial consultation with an Ocala bankruptcy attorney from our firm, we will take the time to review your financial situation to find the most suitable course of action for you to take on your road out of debt.
Getting Your Debt Back Under Control
One of the most common strategies for handling credit cards and similar types of debt is to hire an attorney to engage in debt settlement negotiations with the bank. In debt settlement, you will stop making your monthly loan payments and will instead begin saving this money – and anything else you can afford to set aside – in a fund that will later be used for a lump-sum payoff. Your attorney contacts the creditor and proposes a plan of settlement under which you will be able to pay off the debt for a reduced amount in exchange for making a single payment rather than continuing to make monthly payments that include steep interest rates. Another approach to handling these types of debts is known as debt consolidation, which involves taking out a new loan which is large enough to pay off all your other debts. Ideally you will end up paying less in interest every month, and you will now have only one single monthly payment rather than several payments each with its own due date and minimum amount.
Handling Home Mortgage Debt in Florida
If you have a home mortgage which is difficult or impossible for you to afford, there are several effective approaches to getting your debt under control and avoiding both foreclosure and bankruptcy. In the event that you would rather sell the home and move on, the simplest solution may be to negotiate a deed in lieu with the bank, which would allow you to surrender the deed to the house in exchange for being forgiven the remainder of the debt. If the mortgage is underwater, with the house worth less than the amount that you owe to the bank, a short sale would make it possible for you to sell the property at the fair market value without being held liable to pay the deficiency. In the event that you are determined to keep the house, we may be able to help you negotiate a loan modification that would bring your mortgage payment down to a level that you can afford by reducing the interest rate or the principal or by extending the period of the loan.
Put an End to Your Debt with Our Firm’s Help
Whatever the nature of your debt and your specific goals and priorities, the key thing to know is that you do not have to continue living your life in debt; by retaining the help of our firm, you can begin down the path toward financial freedom. It may have taken you many years to reach the point where you now find yourself, but with our help you may be able to make a fresh start financially in a relatively short period of time. Take action now by contacting our firm now!