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Posts tagged "Avoiding Bankruptcy"

What can you gain through credit counseling?

If you face overwhelming debt in Florida and think that nothing short of bankruptcy can save you, you may want to think again. While there is nothing morally wrong about filing bankruptcy, still it represents the option of last resort and you likely want to avoid it unless and until it becomes absolutely necessary.

Understanding debt settlement programs

Florida residents may want to try other methods of dealing with insurmountable debt before resorting to bankruptcy. This includes debt consolidation and debt settlement. Many of these methods can be effective. However, it is important to know which debt consolidation or settlement methods are reputable and likely to succeed, and which can create more problems that you would expect.

What are the pros and cons of debt settlement?

If you are struggling with debt from overdue medical expenses, credit card debt, mortgages and other bills, you are not alone. The average American household carries more than $6,700 in debt that revolves from month to month. With high interest rates and minimum payments due, it is easy to get left behind when it comes to paying off your balances. Debt settlement is designed to help people pay off their debt and emerge free and clear of financial stressors.

How can I recover financially from a divorce?

Along with the emotional upheaval, many divorcing couples in Florida also experience financial issues after their separation. Whether you're the custodial or non-custodial parent, it's likely that your situation will change drastically once the ink has dried on your divorce decree. If so, Entrepreneur offers the following tips on how to bounce back from financial losses.

To avoid bankruptcy, try negotiating with your creditors

Florida residents suffering under debt do not have to see bankruptcy as their only option. In fact, relief can be as simple as talking to your creditors directly about your situation. Money Crashers explains that there are many lenders who are willing to discuss your debt with you and make adjustments in your favor. You can work out a payment plan that is not so burdensome and takes into account your current financial status. Some lenders will also give you lower interest rates on your payment plans.

Possible alternatives to filing for bankruptcy

As someone who lives in Florida and has a financial situation that has become too much to handle, you may be working through your options and trying to decide whether filing for bankruptcy might help you get the fresh financial start you need. While, for some people, filing for bankruptcy can be a great first step toward rebuilding your finances, the process is not necessarily for everyone, and it may serve you well to explore other options before making your decision. At Kingcade Garcia McMaken, we are well-versed in both the bankruptcy process and bankruptcy alternatives, and we have helped many people figure out what option might best fit their needs.

How can you avoid filing for bankruptcy?

If you are currently living with overwhelming debt in Florida, you may worry that bankruptcy is your only debt relief option. Fortunately, it is not. While there is nothing wrong with filing for bankruptcy, according to U.S. News - Money, many people often consider it one of the top five life-changing adverse events a person can go through in his or her lifetime, along with disability, severe illness, divorce and the loss of a loved one. If you are one of these people, you may want to know what you can do to avoid bankruptcy but still get your financial life back on track.

The benefits of pre-bankruptcy credit counseling

A common misconception that many in Miami have about those who file for personal bankruptcy is that they are simply looking for a way to not have to pay back their debts. This line of thinking assumes that federal bankruptcy laws do not require you to seek other options. In reality, you will find that numerous other alternatives will be presented to you while you pursue your bankruptcy case. One that confuses many of those that we here at Kingcade Garcia McMaken work with as to its need is the requirement to go through credit counseling. 

Can you get out of debt without filing bankruptcy?

If you are like most Floridians, you have a substantial amount of debt, a lot of it having to do with credit cards. While you would like to reduce that debt, so far you have been unsuccessful in accomplishing your goal. Your credit card balances seem to rise faster than you can pay them down, and every time you see the amount of interest you pay each month, you feel like just giving up.

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