What are my OPTIONS other than BANKRUPTCY?


images (14)Bankruptcies are filed because of problems making payments due to a job layoff, divorce, medical expenses, or overspending.  If you are in a situation where you are facing a mound of debt and you need to take control of it, consult an attorney at [cryout-button-dark url=”#”]My AZ Lawyers[/cryout-button-dark] for advice on your best options to eliminate the debt and get started on your way to financial freedom.

Many individuals are able to say:  I have so much debt that it is literally ruining my life.  They file Chapter 7, eliminate the debt, and start over and start rebuilding their credit and their lives.  They are relieved to have the constant pile of bills they are unable to pay –gone for good. For some it is an easy decision.   Unfortunately, sometimes no matter how hard you work or how good your intentions are, you just cannot got get ahead of the debt. Also, some alternatives to debt relief do not provide the protection of a Chapter 7 or Chapter 13.

For others, filing bankruptcy is a last resort. Businesses or individuals have a moral obligation to pay their debts.  If bankruptcy allows us to rack up debt, then the law says the debt is forgiven, then why would anyone pay back debt? Certainly moral obligation and the sense of responsibility is more important to some folks than an easy way out of debt. 

Filing for bankruptcy is a major decision that should only be made after consulting with an attorney and after carefully considering your options: 


Negotiate with creditors and work out a payment plan.  An attorney at My AZ Lawyers can effectively negotiate on your behalf, protecting your rights and getting you the best desired outcome. Dealing with creditors can be aggressive, intimidating, and frustrating. Because My AZ Lawyers specializes in debt relief, they have experience dealing with the creditors.

  • DMP (Debt Management Plan) images (16)

You could work with Money Management International and establish a debt repayment program. Through this program, your agree to renegotiate your accounts and include your unsecured debts on the program, then make one deposit per month. This payment is distributed to your creditor until your debt is repaid.


You can attempt to negotiate and settle your debts for less than the full balance owed.  This is not as easy as it may sound.  An experienced attorney at My AZ Lawyers law firm is the best person to attempt to settle with your creditors, if that is an option you would like to pursue.  There are several things you need to consider, including tax obligations.


To explore this option, you must first qualify for a debt consolidation loan.  You may obtain a decent interest rate. You need to, however consider the length of time it will take to repay and understand the “true cost” of credit —- what you will be paying, exactly, over the course of the loan.  The monthly payment might look good to you, but factor in the overall cost with interest and possibly any closing costs.






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