Any bankruptcy attorney on his first approach to the client (debtor) will always suggest him/her to find alternatives to bankruptcy. As bankruptcy is really a very reliable option to shed the burden of debts and get rescued from creditors threatening calls, still its pain staking and time consuming when you do not get a veteran bankruptcy attorney. Moreover the bankruptcy law deviates from state to state in US, and thus it can create inconvenience most of the time.
So it is really wise to go for bankruptcy alternative if you really find one, when your debts are in bad shape. Before suggesting alternatives to bankruptcy an attorney needs to study very carefully the nature of your bankruptcy. If it is consumer or individual bankruptcy then the alternatives will vary from the alternatives suggested for corporate bankruptcy.
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Alternatives to consumer or individual bankruptcy
Consumer credit counseling company- finding a credit counseling company is really a very good alternative as it helps in giving debt management tips. These non-profit counseling service providers help to manage your money. These companies on your behalf negotiate with the creditors to settle down your debts through a nominal repayment scheme. You can also approach to National Foundation for Credit Counseling (NFCC) or Association of Independent Consumer Credit Agencies (AICCA) in US for credit counseling advice. But any debtor should also check the legitimacy of the credit counseling agency and its affiliation to a national body.
Debt reduction scheme- NFCC certified counselor can suggest best debt reduction choice and the consumer is assured a certain level of expertise in the realm of credit counseling. Moreover debt reduction programs can help the debtor to get relief from almost 50% of the credit.
Debt consolidation- debt consolidation is yet another alternative to bankruptcy. Here the debtor with multiple loans is benefited the most. Debt consolidation agencies provide single loan to the debtor with nominal interest for settling their multiple loans. Corporate houses can also opt for bankruptcy alternative such as debt restructuring or reorganizations.
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