Search Site
Menu

Options to Consider Before Filing for Bankruptcy

Options to Consider Before Filing for Bankruptcy If you’re dealing with the stress of carrying burdensome debt, being harassed by collection agencies and knowing that the money coming in is not going to cover all the bills that come due, you may be considering bankruptcy. However, it’s important to keep in mind that a bankruptcy filing will have a significant impact on your credit report for 10 years. There are other alternatives to consider first, which include:

  • Creating a budget — The first thing you should do if you are facing severe debt is to scale down your spending. Create a budget and decide if items you spend money on each month are things you need versus things you only want. Gym memberships, eating out every weekend and entertainment expenses will likely have to go. You also may have to downsize to a less expensive residence. Try to work out a monthly spending plan that allows you to find savings that can be devoted to paying down debt.
  • Negotiating with creditors — If you have a steady income and some assets that can be sold off, you can approach your creditors to negotiate a reduction of debt payments. Creditors may waive interest or accumulated late fees, reduce interest charges going forward and even restructure the debt, since they have an interest in preventing a default.
  • Seeking debt management — There are several non-profit credit counseling services, such as the National Foundation for Credit Counseling, that can help you work out a debt management plan that allows you to pay your debts over time, possibly with lower finance charges. However, you should be aware that there are for-profit credit counseling services that prey on people who are under financial pressure and thus are susceptible to scams offered under the guise of credit repair. You should thoroughly research any credit counseling agency before agreeing to work with them.

Pursuing any of these alternatives may allow you to resolve your debt problems without blemishing your credit score. In doing so, you can benefit greatly from having an experienced Georgia bankruptcy attorney work side by side with you. Creditors will be more responsive to adjusting debt if they know you are represented by a lawyer who has studied your financial situation and can show why it may be in their best interest, as well as yours, to resolve the debts without resorting to bankruptcy.

From offices conveniently located in Athens, Douglasville, Gainesville, Lawrenceville, Marietta and Scottdale, Jeff Field & Associates helps people throughout the Atlanta metropolitan area and beyond with bankruptcy and debt-resolution issues. To schedule an appointment, call 404-381-1278 or contact us online.

Leave a Reply

Your email address will not be published. Required fields are marked *

Videos
Our Attorneys
Client Reviews
  • google
    5.0/5.0

    I have done business in the past with Jeff Field and Assoc. and highly recommend them to my family, friends and colleagues. I worked closely with Casey and Chris whom made the stressful process so much easier. I was able to rectify my issue in less t...

    Read more

    Hema Juman

  • lawyers
    5.0/5.0

    I chose Jeff Fields and Associates because of the positive reviews I read. My experience with them was very nice. Everyone I had the pleasure of working with was very professional and knowledgeable. Ms. Mai and Chase Butler were very quick too respon...

    Read more

    Client

  • lawyers
    5.0/5.0

    One of the best groups of people I’ve ever worked with. Fantastic company with employees who actually care about your personal experience during an awkward time. I hardly write reviews but wanted to let others know where to go if they happen to eve...

    Read more

    Client

  • lawyers
    5.0/5.0

    Working with Jeff Field & Associates was a pleasure. My attorney and case manager were awesome. They made this journey as smooth as possible and overall just very professional. I will recommend their services to anyone who is seeking help in gettin...

    Read more

    Client

  • google
    5.0/5.0

    This was by far a seem less process. Everyone was extremely helpful and a joy to work with. They answered all of my questions and followed up quickly when needed. Needless to say, I would definitely recommend their services to all of my friends and f...

    Read more

    Jason Barnes

See all reviews
Contact us

Please fill out the form below and one of our attorneys will contact you.

Quick Contact Form