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.
  • Can I Be Denied Chapter 13 Bankruptcy?

    When most people consider filing for bankruptcy, a common concern is whether they will be able to keep their property during the bankruptcy proceedings. […]
    read more

    Can I Keep My Cell Phone in Chapter 7?

    We all like to believe that carefully managing our budget and paying our bills in a timely manner is sufficient for maintaining financial security. […]
    read more

    Top 8 Reasons You Need a Bankruptcy Attorney

    There are many reasons a person might find themselves in need of a bankruptcy attorney. If you are considering this step, know that it […]
    read more
  • Consider This: What Does Declaring Bankruptcy Do to Your Debt?

    Having to make the decision of whether to declare bankruptcy is never easy. If you are considering filing for bankruptcy, your head is likely […]
    read more

    How Much Do You Have to Be in Debt to File Chapter 7?

    It can be scary to think about, but many of us are just an accident or setback away from being in financial hardship. Though […]
    read more

    What Do You Lose If You Declare Bankruptcy?

    Most people try their best to manage their finances properly. However, because of a lack of resources or hard times, some people find themselves […]
    read more
  • 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