Alternatives to Bankruptcy in MA

Finding Debt Relief Solutions That Work for You

Bankruptcy is not always the best solution if you are struggling with debt or being harassed by creditors.

If you are considering bankruptcy, you should understand all of the consequences of filing for:

• Chapter 7
• Chapter 11
• Chapter 13

Bankruptcy can affect your credit rating and even your social standing. Filing for bankruptcy should be carefully considered before you take the leap. Other alternatives to get out of debt without filing bankruptcy should be explored as well, based on the particulars of your financial situation.  

What Are Some Alternatives to Filing Bankruptcy?

The type of bankruptcy alternative that will be optimum for you will depend on your particular objective. If you are drowning in debt and need a way to handle your creditors, several options may be more ideal than filing bankruptcy.

These alternatives to filing for bankruptcy include:

1. If your creditors have engaged in unlawful harassment tactics, you can take legal action against them. State and federal collection laws have been enacted to stop creditor conduct that is abusive to consumers.
2. You can contact and negotiate with your creditors concerning your outstanding debt. By communicating with them about your situation, you may be able to permanently or temporarily lower your debt or interest rate, create a payment plan, make a lump sum payment which leads to better terms or works out some other better arrangement.
3. Work with a nonprofit credit or debt counseling agency that can provide assistance in helping you to negotiate with creditors, repay your debt, and improve your financial future.
4. As a last resort, seek a debt consolidation loan that pays off your creditors completely. You will then only have one payment to make each month to pay off the loan.

How Morrison & Associates Can Help

At Morrison & Associates, I have provided both bankruptcy and alternatives to debt settlement for clients throughout Massachusetts for over 20 years. As a full-service Worcester debt relief lawye, I am well-versed in all of the available strategies for handling debt relief.

Your first step is to take action by consulting with me concerning your unique financial dilemma so that we can determine the right way to resolve it for you.

As your Worcester debt relief lawyer, I can walk you through all of the alternatives based on your situation so that you can make an informed decision. I can then take any subsequent legal action necessary to bring about the debt relief you need.