Alternatives To Bankruptcy

Is Bankruptcy Really My Best Option?

As the founding attorney at the Steele Law Firm in Fort Worth, I am committed to helping people improve their financial picture by filing for bankruptcy. As a lawyer with substantial experience in bankruptcy courts, I have seen firsthand how filing for Chapter 7 or Chapter 13 bankruptcy has helped people weighed down by heavy debt loads to get a fresh start.

Understandably, some people consider bankruptcy as a last resort, and seek to put it off for as long as possible. While some alternatives to bankruptcy might be beneficial for some people, they often end up not working — and then lead the debtor to file for bankruptcy anyway, albeit in a worse financial position than before.

Be Aware Of The Consequences Of Nonbankruptcy Options

Some common strategies might include:

  • Contacting credit card companies directly. You might try to convince your lenders to allow you to defer your payments or lower your interest rate. However, if you have been missing on-time payments or are at or near your credit limit, your request might fall on deaf ears.
  • Working with a debt consolidation firm. You can work with a company that offers to lower your interest rate by making a single payment to the company. Many of these arrangements have fees, though, in addition to interest charges. So you might not save much in the long run, and the amount you owe wouldn’t decrease beyond what you pay toward it.
  • Pursuing a short sale or foreclosure on your home. This would free you of your mortgage payments, but you would have a similar impact on your credit score as you would for bankruptcy — and you would have to find a new place to live.
If money management is a problem for you, get in touch with me to review your options regarding debt repayment and/or bankruptcy. Call today at 682-231-0909 or email the firm on our website.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We Can Help

contact us today

WE'RE HERE FOR YOU

Schedule a Free Initial Consultation
(682)231-0909
3629 Lovell Ave, Ste. 100
Fort Worth, TX
Directions
Disclaimer(Required)
This field is for validation purposes and should be left unchanged.
  • 5 Tips For A Successful Bankruptcy

    Whether it is due to a monetary emergency or an unending stream of mounting debt, individuals can quickly find themselves facing financial peril. From […]
    read more

    The Steps To Take After Successfully Emerging From Bankruptcy

    On Behalf of Steele Law Firm PLLC | Feb 4, 2021 | Personal Bankruptcy You did it. Good for you. You have successfully emerged from bankruptcy, but not […]
    read more

    The Most Common Bankruptcy Filed

    On Behalf of Steele Law Firm PLLC | Jan 28, 2021 | Chapter 7 Choosing to go into bankruptcy is not typically the option that debtors in Texas […]
    read more
  • How Unemployment Can Help You Discharge Debt

    On Behalf of Steele Law Firm PLLC | Jan 7, 2021 | Firm News, Personal Bankruptcy Unemployment can be an extremely stressful time for a person. With no income, […]
    read more

    How To Choose A Bankruptcy Attorney

    On Behalf of Steele Law Firm PLLC | Jan 7, 2021 | Personal Bankruptcy Coming to the decision to apply for bankruptcy is a major decision to make, […]
    read more

    Chapter 7 Bankruptcy: The Basics

    Unemployment can be an extremely stressful time for a person. With no income, bills and other financial responsibilities keep coming in, and you have […]
    read more
  • Chapter 7 Bankruptcy: The Basics

    On Behalf of Steele Law Firm PLLC | Jan 6, 2021 | Chapter 7 You may have suffered an injury that resulted in mounting medical bills you can’t […]
    read more

    What Is The Means Test And How Does It Work?

    On Behalf of Steele Law Firm PLLC | Dec 18, 2020 | Personal Bankruptcy The bankruptcy means test is a two-step process to determine whether a person qualifies […]
    read more

    What Are Some Positive Results Of Bankruptcy?

    On Behalf of Steele Law Firm PLLC | Nov 11, 2020 | Personal Bankruptcy Too many people are conditioned to view bankruptcy as a final option – a […]
    read more