Understanding Alternatives to Bankruptcy

While bankruptcy is the answer to many people’s financial problems, there are other alternatives available that we can help with. Engel Law Firm is ready to meet with you in private and review your financial situation. From there, we can provide a variety of alternatives, and work with you to select the one that makes the most sense.

Engel Law Firm is very familiar with bankruptcy, and the other methods debtors can pursue. Our goal is the same: to relieve you of stress and debt, and help you begin to build a positive credit history. We’re not here to judge, we’re here to help. No matter where you live, we can provide solution-oriented legal services to clients in Dallas and surrounding Counties.

There are Several Bankruptcy Alternatives that Allow for a Financial Fresh Start Including:

  • Creditor Settlement – In certain circumstances, creditors negotiate a payment plan for one’s debt in lieu of receiving a full payment. They may also agree to “settle” one’s debt by accepting a one-time lump sum payment that is less than the full amount owed. A person can attempt to negotiate or settle with creditors on their own, or they can enlist the help of a negotiation/settlement agency to work with the creditors on their behalf.
  • Debt Counseling Services – A credit counseling service helps debtors work out a payment plan with the person’s creditors.
  • Doing nothing about one’s debt – Sometimes, doing nothing about one’s debt can be the best alternative to filing for bankruptcy. An individual who has a very low income and few or no assets is considered “judgment proof,” as there is realistically nothing a creditor can do to collect from them.

Experiencing Serious Financial Strain and Don’t Want to File Bankruptcy?

Contact Engel Law Firm for alternatives that might be the right fit for you!