My job as a bankruptcy attorney in Asheville, NC is to provide guidance to individuals struggling to pay their bills each month. I will only advise someone in need of financial help to file a bankruptcy case if it is in their financial best interests to do so. Filing a bankruptcy case can be a gut-wrenching decision because almost everyone wants to pay their debts back but can’t predict what the future holds.
Alternatives to Bankruptcy
In my view, a potential client’s non-bankruptcy alternatives are the most important consideration in determining whether a bankruptcy case is the right choice. The first step in determining alternatives is to spend time formulating a monthly budget, which I frequently help get clients started with during free, initial bankruptcy consultations. Once income and expenses are determined, the next step is to imagine trying to pay off all debts except mortgage or car within the next 3-4 years. Remember, you need to calculate using the monthly amount necessary to pay off the unsecured debts, not merely the monthly minimum payments.
Can OnTrack Financial Help?
If it looks like you can’t pay off the debt on your own, you need outside help, and your issue is primarily credit card debt, contact OnTrack Financial or a similar local, nonprofit credit counseling agency about getting their help with a debt consolidation repayment plan. Your creditors might agree to a zero interest or other type of relief plan which could help you achieve the needed relief. I do not recommend for-profit debt consolidation schemes as seen on television. They typically tell you to stop making payments, send one check to the debt consolidation company each month, and the plans rarely ever work.
Consider Bankruptcy Options
Once non-bankruptcy options are considered, compare your alternatives with those in bankruptcy. Try your best to leave emotions out of it, and treat it as a business decision, just as your creditors will. If you and your family would be better off financially after achieving a bankruptcy discharge, I would be pleased to offer you my representation. Many times, making the decision to file for bankruptcy becomes easier once the alternatives are clearly outlined.
*The information contained on this website is not intended and does not constitute the providing of any legal advice or any legal opinions or services to any user thereof. The information available on or through this web page is not intended and shall not be used as a substitute for the advice and consultation provided by an attorney. Any factual examples used to illustrate concepts are hypothetical and do not depict actual events or real persons.