Alternatives to Bankruptcy

Often times, when people are dealing with past due debt or high amounts of debt, they assume that bankruptcy is the best choice. However, there are several alternatives to bankruptcy that many people are not aware of. Below are some common alternatives that people turn to when they wish to avoid filing for Chapter 7 or Chapter 13 Bankruptcy:

People who are dealing with harassment from their creditors may feel that filing for bankruptcy is the easy way out. However, what they do not realize is that they have legal rights and options under the FDCPA. If people are dealing with creditor harassment, the best thing they can do is to hire a skilled lawyer who has helped prior clients put an end to illegal collection activities. If you are currently a victim of creditor harassment, you should contact the McCann, Ribstein & McCarty Law Firm before you decide to file for bankruptcy.
Another way people can avoid bankruptcy is through the process of debt consolidation. When people choose to consolidate their debt, they will obtain one loan to repay their creditors. They will then make monthly payments on their debt consolidation loan. This is very convenient for people who are in debt to numerous creditors and who have a difficult time keeping track of several monthly payments.
Debt settlement is another option for people who are dealing with unsecured debt in the form of credit cards, medical bills or bank loans. Debt settlement is a process where debtors and creditors will negotiate to come up with an acceptable amount that is lower than the balance that is due. Debtors will then pay that amount in a set period of time and creditors will close their accounts and consider the debt resolved.

If you are considering bankruptcy, contact our independent South Dakota bankruptcy lawyers at McCann, Ribstein & McCarty.

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Alternatives to Bankruptcy

If you are considering bankruptcy, contact our independent South Dakota bankruptcy lawyers at McCann, Ribstein & McCarty.

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