It can be easy to get overwhelmed when you’re struggling financially, but when you’re juggling debts and trying to make ends meet, it’s important to know you have options. Bankruptcy and other debt management alternatives can help you address your debt before it snowballs any further out of control. Knowing your options and talking with a qualified Albuquerque bankruptcy lawyer can provide you with the information you need to make an educated choice about your future.
Bankruptcy alternatives include:
Consumer Credit Counseling
Credit counseling programs offer a variety of services, including financial and debt management education. These programs will often negotiate with creditors in order to help you lower your interest rates or otherwise alter the terms of your credit.
Contacting Your Creditors
Debt negotiation firms will charge you to contact your creditors and negotiate better terms, but you also have the right to contact your creditors on your own. By talking to creditors about your financial situation, your desire to repay your debt, and requesting their assistance, you may be able to negotiate a reduced interest rate, lower monthly payments, or even have a portion of your debt forgiven.
You may be able to achieve lower interest rates on a single loan than through multiple lines of unsecured credit or other loans.
Chapter 7 bankruptcy is available to those consumers who do not have the means to repay their debts. Once the bankruptcy is concluded, their debts will be discharged. A New Mexico bankruptcy lawyer can assist you in determining your eligibility for Chapter 7. A Chapter 13 bankruptcy is available to consumers who earn a regular wage or sufficient income to repay their debts. After their repayment plan is successfully completed, remaining unsecured debts are generally discharged.
Weighing the Pros and Cons
Not all bankruptcy alternatives suit all consumers. An Albuquerque, New Mexico bankruptcy lawyer can help you determine which solution may be the best for your personal situation. Bankruptcy offers certain protections under our New Mexico laws that alternatives cannot.
Call 866-501-8500 toll free for more information on bankruptcy alternatives today.
If you are interested in learning more about bankruptcy and its alternatives and which choice may be right for you, contact the Albuquerque, New Mexico bankruptcy lawyers at Melwani Law for a free initial consultation today.