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Non-Bankruptcy Restructuring of Debts and Many Other Options

Non-Bankruptcy Restructuring of Debts

Many times – with some free advice from an attorney – you may be able to restructure your debts outside of bankruptcy.   In addition, there are other non-bankruptcy options out there. We are very familiar with creative options for settling debts due to the many debt situations we have analyzed over the years.  Because the consultation is free, you have nothing to lose by calling us and exploring what options are available to help your situation.
Debt settlement can be a powerful alternative to bankruptcy. In debt settlement, all of your creditors are contacted with offers to settle your debt. You would be surprised at creditors’ willingness to settle in a payment-default situation. Remember, your creditor is not fully familiar with your financial situation. Creditors know there is always the potential alternative of bankruptcy. Creditors would rather receive “something” instead of “nothing.”
Creditors many times accept settlement of credit card or other unsecured debts. These settlement amounts usually range within 20% to 40% of the original debt amount. Sometimes creditors will accept even less than 20%. Other times the creditor may stop negotiating at higher amounts. Almost every time creditors are willing to offer serious discounts in order to get the debt settled.
In certain situations, debts can even be forgiven outside of bankruptcy. If you are disabled or only on social security income, many times your creditors may simply “write-off” your debts because they deem them to be uncollectable. These situations are sometimes referred to as being “judgment proof” because collection is not possible.

Remember, debt settlement is best handled by an attorney. Many debt consolidation and settlement companies are out there that take your money and do very little for you. Be careful to choose a local attorney instead of one of these companies to settle your debts.
“I have worked with people from all over Indiana throughout the years. I understand full-well that many times bankruptcy is not the best choice.   If there is a non-bankruptcy solution, we always communicate and explain those options to our clients.  We want only the best for them.”
-Indianapolis Bankruptcy Attorney John Bymaster on Non-Bankruptcy Options in Indiana