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Benefits of Chapter 13 Bankruptcy
Chapter 13
Chapter 7
Credit Restoration
Creditor Harassment
Debt Settlement
Discharging Your Debt
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Life After Bankruptcy
Loan Modification
Mistakes to Avoid
Stop Wage Garnishment
Should I File?

Bankruptcy is Not the Only Option

If you are struggling under debt that just seems to keep accumulating, you may have considered filing for bankruptcy. While bankruptcy is a viable solution to resolving your debts, there are some alternatives you may want to consider, such as:

  • Debt Settlement/Negotiation.  An attorney at our office can negotiate with your creditors to lower your interest rate or reduce the outstanding balance by as much as 40-60%.
  • Debt Consolidation. If you owe multiple creditors you can have all of your outstanding balances consolidated into one payment. Instead of having to make multiple payments, you can focus on just making one large payment (that pays off smaller loans) over the course of 4 to 6 years.
  • Loan Modification: If you are being threatened with foreclosure because you have fallen behind on your mortgage payments due to mounting debt, an attorney at our office may be able to negotiate a modification to your existing mortgage loan. 
  • Creditor Harassment. If you are filing for bankruptcy simply to avoid harassment from creditors, it is unnecessary. Even when money is owed creditor harassment is illegal, and an attorney at our office can help you assert your rights under federal and state collection laws.
  • Look for easy ways to save money. Get rid of unnecessary possessions and use the money to pay off your debt. For example, if you own two cars you could sell one of them and put the money toward your debt. If you're paying for things like cable TV or high-speed internet, cancel your accounts. You can watch TV for free on sites like Hulu, and many cafes and bookstores offer free Wi-Fi. 
  • You could consider cashing out a 401K or retirement plan, although you should think long and hard about this. Another hard decision you may want to consider is selling things of value, such as an antique heirloom or jewelry.
  • You could ask a close friend or relative for a personal loan. But think long and hard about this too, because if you don't pay them back it could permanently damage your relationship.

These are just a few alternatives to bankruptcy many people have found to be effective in reducing their debts. If you ultimately decide to file for bankruptcy, there is nothing to be ashamed or embarrassed about. A Los Angeles bankruptcy lawyer at the Law Office of Teresa Beyers is available to speak with you about filing for bankruptcy, as well as all other options that might be available to you.

Contact the Law Office of Teresa Beyers today by calling (213) 236-4400!