If you are facing financial difficulties, you probably don't want to mention the word "bankruptcy." Bankruptcy seems like a last resort and something that does more harm than good. While those things aren't necessarily true about bankruptcy, you do have other options before you file. Debt can make you feel like you are sinking, but there are ways to adjust your debt to a manageable level so that you don't have to say "bankruptcy" just yet.
One alternative to bankruptcy is negotiating your interest rates. Many people find that they have a hard time obtaining a lower interest rate on their own because they are dealing directly with creditors. Creditors want money. Period. They aren't concerned with what it takes for you to get it to them. This is where a bankruptcy attorney comes into play. They can help fight for a rate reduction to lower your monthly payments to an amount that you feel more comfortable paying. You may also want to consider debt consolidation. Debt consolidation combines your monthly payments into one fixed amount so that you end up paying less per month. Again, this may be difficult to negotiate on your own, but it is a good option for managing your debt.
Maybe your house payments have gotten out of control and you would rather leave it than deal with negotiating payments. In this case, a short sale may be right for you. A short sale will allow you to sell your home for a price that is cheaper than the balance you have remaining on it. You do need an approved agreement with whoever your lender is. Because you are obtaining less money for the home than you actually owe, a lender will have to approve of this lower payment. If you can't afford your house payment any longer but wish to keep your home, you can seek legal help to fight against foreclosure and develop some sort of home loan modification.
A loan modification is an attempt to lower your mortgage payments so that you can afford to keep your home. Loan modifications must be agreed upon by both you and your lender, which may be a difficult process. You must go through a review process in order to assess the current value of your home as well as your past credit history to determine if you are eligible for modified payments. Loan modifications can do many different things and are catered to fit the needs of the individual. They can lower interest rates, take away late fees, change your interest to a fixed rate and even lengthen the time period you have to pay back your loan. If you would like help avoiding bankruptcy, then a bankruptcy attorney may be the right fit for you.
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