
Bankruptcy Alternatives
Filing for personal bankruptcy is often the best way for debtors to financially
"get a fresh start", whether it be wiping out/discharging all
of their general unsecured debts or saving a home from foreclosure due
to either mortgage arrears, or a debtor's ability to convert/"cramdown"
an unsecured second or third mortgage on their residence or other real
property from secured to unsecured debt. See article in the bankruptcy
specific section entitled the
Chapter 13 Petition/Process. However, some debtors are often able to take advantage of other debt
relief alternatives in lieu of, or combined with, filing for personal
bankruptcy protection. These alternatives include, but are not limited
to applying for a
mortgage modification with their mortgage lender or servicer; negotiating
creditor workouts with debtors’ individual creditors, negotiating a
short sale agreement whereat clients can payoff less than the full balance of their
mortgages loans based on their being insufficient equity in our clients'
real property securing the mortgage, executing a
deed in lieu of foreclosure, forbearance agreements as well as other alternatives.
If you come prepared with the necessary financial information to your consultation,
Mr. Alster will be able to answer all questions concerning these alternatives
in order to assure that prospective clients are able to make a fully informed
decisions as to the best debt-relief option or multiple options that are
available to them.
Call our firm today to learn more about what bankruptcy alternatives may be available for
you. The right choice in legal help today can make a major difference
as you begin to build for a better tomorrow.