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Bankruptcy Alternative
What if I don't want to file Bankruptcy?
Are there alternatives to bankruptcy and if so what are they? There may be alternatives to bankruptcy, but it really depends on the situation. The name that every bankruptcy attorney hates to hear is Dave Ramsey. Dave Ramsey is a personal finance author and radio personality that tells people if they manage their money better and make a budget and follow certain baby steps they can avoid bankruptcy. People call into his radio show and scream "we are debt free." Dave Ramsey and similar programs that teach you to discipline yourself and live on a very tight budget to avoid bankruptcy will work but requires a lot of sacrifice and time.
Other alternatives to bankruptcy, are debt settlement companies. A lot of these companies are not very good. They take your money and charge high fees and don't really get much done. Not all, but over the years I have seen a lot of disappointed people come to my office for a bankruptcy after losing thousands of dollars to these places. These take a long time as well and are not good on your credit report.
Then there is the debt consolidation loan. I am with Dave Ramsey on this one, "You can't borrow your way out of debt." There are also those who borrow on a home equity loan. Never a good idea to move your debt as a security interest on your house.
Then there is always doing a debt settlement yourself. Save money and make settlement offers to your creditors. But you better have a good stream of income. I think it is probably better to file a chapter 13 https://chapter7lawyermichigan.com/chapter-13-bankruptcy
A chapter 13 reorganization will get you out of debt and give you a lot of control with oversite of the Federal Court.
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