Filing for bankruptcy should be taken seriously, and should not be undertaken unless it’s the only option. It is a complex process, thus, it is advisable to hire a competent and extensively experienced bankruptcy lawyer, who can successfully help you to avoid bankruptcy. A lawyer will help in negotiation with the creditors and also in creating a more feasible repayment plan. He can also help you in learning about your consumer rights and can let you know about any statutes of limitation that might be applicable to your debts.
Student Loan Debt
In bankruptcy, obtaining relief from student loan debts is more challenging than other types of debts. In such a case, a good bankruptcy attorney can better assess the chances of having the debt discharged, and can also talk to federal and private student loan providers to avoid bankruptcy or restructure a more feasible repayment plan.
Save Yourself from Debt Consolidation Companies
Financial binding can compel you to give in to the temptation of debt consolidation. Debt consolidation companies are very good at taking advantage of the vulnerability of financially struggling consumers. Many of such companies mislead you with their ‘too good to be true’ claims and also promise you to quickly fix your financial problems.
Ways to Avoid Bankruptcy
Given below are some key ways to avoid bankruptcy as per the U.S. News and World Report.
- Have a negotiation about your debts with your creditors.
- Request your family and friends to lend you some money.
- You can sell your real estate or jewelry.
- Restructure your mortgage in case you own a home.
- Make sacrificial lifestyle changes, like going on trips less often or not at all.
However, in case bankruptcy is your only option, create a property protection plan with your bankruptcy lawyer, and not by yourself. You might end up making unintentional fraudulent transfers of assets or hiding them. Thus, consulting the best bankruptcy lawyers of Los Angeles & Dallas, TX, like the Recovery Law Group, will help you to protect your assets without going against the law. You can reach them at Recovery Law Group or at 888-297-6203.