Alternatives to Bankruptcy in Orange County

What are my options for debt relief?

If you have too many debts and are struggling to pay your bills, it is essential to understand your available options regarding debt relief. Bankruptcy is an excellent option for many individuals and is often the chosen solution to many individuals, families and business' problems. Before you take the steps and effort to file for Chapter 7 or Chapter 13 bankruptcy, our Orange County bankruptcy lawyers can help you know the various solutions that may be available for you.

An Orange County bankruptcy attorney from 1st California Law can provide you with the legal advice and assistance necessary. There are many ways of solving debt problems that our firm can help you with, such debt settlement, debt counseling, debt consolidation and loan modification. For some individuals, they can be considered as "judgment proof," which means that if anyone attempts to file a lawsuit against you, they will not be able to collect anything against you because you have no large assets to be taken. Our firm can help you know what to do if that is the case.

In debt settlement, also known as debt negotiation, our firm can try to arrange new payment plans with your creditors. It often involves negotiating with your creditors to reduce the amount that is owed. Once an agreement has been reached, the amount is paid off in full, usually in the form of a lump sum. Creditors are often amenable to this solution as they usually don't want to pursue costly lawsuits or fail to receive payments at all.

Debt consolidation is the process of acquiring one large loan to pay off smaller debts. Some of the benefits to debt consolidation include:

  • No more late fees
  • Elimination of creditor harassment
  • You only make one payment a month
  • Reduction of interest rates
  • Improvement of credit over time

Another alternative to bankruptcy may be loan modification. A member of our legal team can meet with you and your creditor to discuss lowering the interest rate of your loan, as well as waiving late fees. If the creditor is not willing to waive the late fees, then they may be able to be added on to the principal balance, resulting in lower payments.

You may also pursue debt counseling, also known as credit counseling, which is an individual or agency will help you come up with a plan to pay back your creditors. A credit counselor may also negotiate with your creditors to come up with your plan, because creditors might allow you to have a lower interest rate if you are working with a debt counselor.

At 1st California Law, our firm can explore all of your options and provide you with the information you need to effectively address your debt problems. If you are an individual that does not wish to file for bankruptcy, we can help you look for an alternative. This alternative is typically based off your reason for wishing to avoid filing for bankruptcy.

Orange County Bankruptcy Attorneys Explain Solutions to Debt Problems

If you are experiencing a financial crisis, our firm can provide you with useful legal advice. As bankruptcy specialists, we have helped many clients overcome their financial problems. Our firm can review your financial situation and develop a debt-relief strategy tailored to your particular needs. Contact our office for a free case evaluation to discuss your debt issue in detail. We are available weekdays, evenings and weekends, and can even meet with you at your home. You can also visit us on Facebook to learn more about our firm, the bankruptcy process, and methods for removing debt. Contact our firm to get started! Our Santa Ana bankruptcy attorneys would love to assist you today!