Can I Get Out of Debt Without Filing for Bankruptcy?

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Bankruptcy may be a viable option for individuals who are struggling to make ends meet due to overwhelming debt, but bankruptcy might not be the option for every debt situation. Before deciding to file bankruptcy, an experienced debt relief attorney can help you identify which option is best for your specific situation. Our Fort Lauderdale bankruptcy attorneys explain the options individuals have to get out of debt without filing for bankruptcy.

Alternatives to Bankruptcy in Florida

The first step toward finding financial freedom is to become familiar with your options. Depending on your unique circumstances, there might be various options available to help you achieve debt relief. Below are some of the most common alternatives to bankruptcy:

  • Negotiating with creditors: If a debt collector or creditor is calling about a debt you can’t pay in full, you might be able to negotiate a lower amount. An experienced attorney can guide you through the process of negotiating with creditors.
  • Student loan forgiveness options: There are various income-driven repayment plans available for individuals struggling with student loans. Our team at Leiderman Shelomith Alexander + Somodevilla, PLLC can help you formulate a repayment plan that is manageable and beneficial for you.
  • Defense against creditor harassment: The Fair Debt Collection Practices Act (FDCPA) protects consumers from predatory collection practices. If you believe creditors have made a mistake and they’re trying to collect a debt you no longer owe, or that isn’t yours, an attorney can develop a strong defense to help you get rid of the creditor harassment.
  • Informal liquidation: Another bankruptcy alternative is to sell or liquidate your assets so that you no longer carry the burden of those debts. For example, if you can’t make your car payments, an option is to sell the car and have the car buyer take on the remaining car payments. However, this option is only available for secured debts that can be liquidated.

If you’re struggling to make ends meet and you are overwhelmed with debt, our Fort Lauderdale bankruptcy attorneys can analyze your case and explain the different options available to you. Get in touch with us today at (954) 280-5066 to schedule a consultation!

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