For those struggling with debt, you might be considering bankruptcy and trying to figure out if a Chapter 7 or Chapter 13 bankruptcy is best suited for your circumstances. Before you start weighing in on these options, however, you should take some time to consider the alternatives to filing bankruptcy. For some, filing for bankruptcy is not always the best answer to your debt problems.

Here are some alternatives you can look into before you get the ball rolling on filing for bankruptcy:

• Negotiate with your creditors: If you happen to have income or assets you are willing to part with and sell, you can probably remedy your situation by negotiating with your creditors instead of filing for bankruptcy. Negotiating can also buy you a bit of time to get back on your feet, or it might work out and your creditors could agree to settle your debts for less than you owe. Either way, it is worth a shot, so this is an option you might want to explore.
• Seek help from a credit counseling agency: Negotiating with creditors or collection agencies can be uncomfortable, intimidating, and overwhelming and, as such, many are simply not comfortable with the negotiation process, or perhaps they do not believe in their negotiation skills. Whatever, the reason might be, if you do not want to handle this on your own, you can seek help from a nonprofit credit or debt counseling agency.
• Debt counseling vs. chapter 13 repayment plans: If you choose to participate in a debt counseling agency's debt management program, it can be a bit like filing for a Chapter 13 bankruptcy. They will assist you in coming up with a plan to pay your creditors over time, much like a Chapter 13 plan. The difference is that a bankruptcy will not appear on your credit record, making this a great advantage.

Let Our Experienced Richmond Bankruptcy Attorney Assist You!

If you are considering filing for bankruptcy, you should first investigate the alternative options available to you. At Bruce W. White, P.C., we have over 30 years of experience in assisting individuals reach their financial goals. Our legal team always considers alternatives to bankruptcy and will review your financial history to determine the best course of action.

Contact our office today at (804) 655-0502 to request your free consultation. Let us help you secure the fresh start you need to get your life back on track.