Do I Have an Alternative to Filing Bankruptcy?
Filing bankruptcy is a solution for extreme financial problems. However, bankruptcy is not for everyone. Depending on your financial situation and the type of debt you have, there may be other solutions that are preferred or less damaging to your credit.
At the law firm of Weintraub & Selth, APC in Los Angeles, bankruptcy is just one of the tools in our toolbox to help people burdened with credit card and other types of debt. Our lawyers offer bankruptcy alternatives for individuals and businesses across the United States and in Los Angeles, Santa Monica, the San Fernando Valley, South Bay and surrounding communities in southern California.
Those bankruptcy alternatives include:
- Debt Settlement and Debt Consolidation: Our lawyers can negotiate with your creditors to see if they will accept a payment plan or lump sum payment for less than the full amount owed. Debt consolidation is a prearranged monthly debt repayment plan. Debt negotiation (also known as debt settlement) is a one time payment to your creditors. We provide both services for our clients.
- Assignment for the Benefit of Creditors: Businesses in California can eliminate debts through an out of court insolvency proceeding rather than filing bankruptcy. An ABC, though more limited than a bankruptcy in what it can accomplish, is quicker and less expensive than filing bankruptcy and may be the right solution for your situation. We can review your situation and advise you as to the best fix for your company.
Do I need an Attorney to Settle My Debts?
There are so-called credit counseling firms that promise to settle your debt for pennies on the dollar. Many of these firms are unlicensed and unregulated, and located outside of California. You should never pay up front fees, much less thousands of dollars in monthly auto debits from your bank account to an out-of-state firm you have never met. Only a licensed attorney has a legal duty to protect your interests.
Learn why you should hire a lawyer for debt negotiation.
For more information: To discuss alternative to bankruptcy with one of our Los Angeles attorneys, call (310) 584-7702 ((866) 572-2423 toll free) or complete the contact form on this Web site. Se habla español.
