Resolving debt in Ventura & Los Angeles County
While it is a powerful tool to be sure, bankruptcy is also a big decision that can have lasting consequences. If you are struggling with debt it is important not to jump to the conclusion that bankruptcy is your best option. Many people, depending on the nature of their debts and the policies of their creditors, can resolve debt in other ways without resorting to bankruptcy. Our Woodland Hills & Oxnard bankruptcy attorneys at the Law Office of Michael H. Raichelson. understand and appreciate this and make a point of keeping our clients apprised of their full range of bankruptcy alternatives so they can make informed choices about their financial futures.
Why consider bankruptcy alternatives
While our intent is not to scare struggling people away from bankruptcy, our Oxnard & Woodland Hills debt relief attorneys make a point of being open and honest about its disadvantages. Bankruptcy of any type can seriously affect your credit for up to 10 years. Therefore, our first step when advising potential bankruptcy clients is to examine their full range of bankruptcy alternatives to identify the least restrictive means of getting them the results they are looking for, including:
- Debt settlement
- Debt consolidation
- Loan modification
Debt relief and settlement
Creditors usually run a substantial risk when a major borrower declares bankruptcy. Even during Chapter 7 proceedings, creditors often receive substantially less than what the borrower owes. As a result, certain creditors may be willing to settle outstanding debt if it looks like the borrower could go into bankruptcy. Debt relief and settlement of this type may improve your position going into bankruptcy and may even help you avoid bankruptcy altogether.
Debt and bill consolidation are terms that are thrown around a great deal, especially by many less-than-reputable companies. Unfortunately, this has led many to assume that debt consolidation is a gimmick that offers few benefits. The truth is that, while consolidating debt is not a magic pill, if done correctly with the help of a Woodland Hills & Oxnard debt consolidation attorney, it can improve your payment terms and make your debt substantially more manageable.
Loan and mortgage modification
Many lenders are willing to work with their borrowers to modify repayment terms in a way that allows them to avoid or cure default. This is because it makes more fiscal sense to most lenders to allow borrowers to make reduced monthly payments going forward than to force that borrower into default and risk a big loss during foreclosure or bankruptcy. Loan modification can potentially lower monthly payments, waive penalties and otherwise make it easier for borrowers to keep up.
Call us today to learn about your full range of debt relief options
Our goal at the Law Office of Michael H. Raichelson is not merely to provide bankruptcy representation but also comprehensive debt relief services — including the full range of bankruptcy alternatives — for individuals and businesses throughout Ventura and Los Angeles County. Call us today at 818-444-7770 or contact us online to schedule a free initial consultation with one of our experienced bankruptcy attorneys.