Bankruptcy Alternatives in Charlotte

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If your finances have become unmanageable, you may think that you have no other choice but to file for bankruptcy. This is not always the case. There are currently several alternatives to filing for bankruptcy. Thoroughly understanding what your debt relief choices are can help you to make a decision that you will feel confident with, so that you may begin the process of rebuilding your financial state with peace of mind. At Saffa Law Firm, our Charlotte bankruptcy attorneys work to help you move forward without the stress of seemingly insurmountable debt.

Stop Debt Collector Harassment

If you have fallen behind on your bills, it is likely that you have experienced phone calls from your creditors attempting to collect a debt. On occasion, such creditors become more than persistent, and can actually cross the line into harassment. If you are considering filing for bankruptcy primarily as a means to stop harassment by creditors, this may not always be necessary. Debt collectors are prohibited from engaging in abusive behavior. You can file a complaint with the Federal Trade Commission (FTC) should you find yourself the target of this form of harassment.

Debt collectors must adhere to strict guidelines, and it can be considered harassment if they utilize any of the following tactics:

• Calling at inappropriate hours
• Calling while you are at work
• Using threats
• Calling friends and family

Manage Existing Debt

Another possible alternative to filing for bankruptcy is to negotiate with your creditors. This might be a beneficial decision for you if you are earning some income, or if you have assets that you are able to sell. By negotiating with creditors, it may be possible for you to settle existing debts for less money than you currently owe.

In addition to settling your debt, it may be advantageous to avoid bankruptcy by undergoing debt consolidation. During debt consolidation, an individual is able to get a large loan that will allow them to pay off their other smaller debt. This allows for a single payment, and can have the added benefit of a lower interest rate.

If you are unenthused at the prospect of negotiating with your creditors, you may consider seeking the services of a credit counseling agency. These agencies can help you to get your finances on track by negotiating your credit on your behalf. Such plans often involve getting the collection or credit card agency to accept a lower payment that you will be able to afford.