While there is no simple way to get out of overwhelming debt, there are alternatives to filing Chapter 7 or Chapter 13 bankruptcy that may be a better option for you and your family. Depending on your level of debt, one of the options listed below may be a viable option for you.

  1. Cut down on your costs.
    Of course you have to retain enough money to pay for everyday living expenses, but by reducing some extra costs you may be able to pay off your debt quicker. Some examples of things you could do include selling your second car, getting rid of superfluous home expenses like your TV, or sell jewelry, guns, or other high-priced items. You can also talk to a relative about taking out a loan with them or applying for a non-secured signature loan. Sell your house and instead rent somewhere else.
  2. Save! Save! Save!
    Set aside money in any way that you can, and potentially even hold off on putting down minimum payments on credit card bills so that you can have a larger sum to pay it off all at once later down the road. Talk with a financial expert or bankruptcy lawyer before you assume that this is the best option for you long-term.
  3. Negotiate with your creditors.
    Work out other options directly with those you owe money to. This can be complicated and quite a long process, but it may be worth it. Many find that having a debt relief attorney to help take care of this process can end up working in their favor in the long run. Not only is there much less stress placed on you as the debtor, but an attorney can help you determine if debt negotiation, consolidation or settlement is your best choice.

These are just a few of the alternatives that are available to those struggling with debt. In some instances it may even be best for you to do nothing and just wait it out. Always seek out knowledgeable counsel from a Virginia Beach bankruptcy lawyer before you make any final decisions.

We offer a free initial consultation at the David McCormick Law Group, as we are intent on finding the solution for you that is both efficient and cost-effective. In addition we have a $100 off coupon that we strongly encourage you to print out and bring with you during your first appointment with us. Allow our team of Virginia Beach bankruptcy attorneys to work with you from start to finish, whether you are pursuing an alternative or filing for Chapter 7 or Chapter 13 bankruptcy. Call our office at (757) 918-8365 today!

Bankruptcy Intake Forms
Click Here

Fill out a bankruptcy intake form here.