Are there alternatives to bankruptcy?

Bankruptcy Services

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Are there alternatives to bankruptcy?

Yes. Sometimes payment plans can be negotiated with creditors. Obtaining loan extensions, compromises and workout agreements require negotiation skills and experience. These alternatives may alert your creditors to the existence of non-exempt property that the creditor could reach and can involve considerable expense. You also have the option of doing nothing. In any event you should seek professional advise in dealing with most of these alternatives.

You may call Consumer Credit Counseling Service, Inc. in your local. BEWARE - using such services will be included in your credit report and will have the same impact as a bankruptcy. Also, the counselors will fail to disclose that there could be serious and expensive tax consequences to paying less than that you owe (called "forgiveness of debt). I do not recommend the use of "debt restructuring" companies. Most, like AmeriDebt and its progeny are scams.