Non-Bankruptcy Alternatives

One of the first things clients ask when they come to our office is, can I avoid filing for bankruptcy? At The Law Offices of Ronald I. Chorches, we take a more personalized and comprehensive approach to helping our clients. We help clients throughout Hartford and New Haven by utilizing debt relief solutions that truly help them find financial freedom and help them get a fresh start. A lot of clients have difficulty finding out where to start when they are trying to settle their debt. We strive to get to know our clients and obtain a strong understanding of their financial background so that we can find the most appropriate solutions for them. Consult with a lawyer to get all the information that you need to make the most informed decision if you are struggling with debt. 

What Are Your Options?

Finding yourself struggling with a large amount of debt can be daunting. It only takes a sudden medical emergency or economic event to have your financial situation change drastically. Debt can get out of hand quickly, and once it does it can be challenging to find ways to reduce or manage it. Fortunately, if you want to find ways to get debt relief you may be able to refer to alternatives to bankruptcy. 

Before a person decides to declare bankruptcy, they may be also considering their other options through debt settlement or debt consolidation. Debt consolidation generally involves consolidating all your debts into one lump-sum payment and debt settlement involves negotiating an agreement on a reduced balance with a payment in full. Before you consider filing for bankruptcy, you are strongly encouraged to explore all your alternatives. Bankruptcy should always be a last resort, as it can negatively affect your credit score and affect how you are able to obtain loans. Talk to a bankruptcy lawyer to discuss whether alternatives such as debt settlement or debt consolidation are right for you. 

Bankruptcy is an option, but depending on your circumstances, you may be able to negotiate a debt settlement plan. As your attorneys, we can negotiate directly with your creditors. If you decide to negotiate with creditors without the support of an attorney, you may not be able to get the outcome you want. With an attorney to advocate on your behalf, you will be in a better position to establish a repayment plan that you can afford. They know that you are considering bankruptcy if you have engaged an attorney. This will give them added incentive to:

  • Reduce the amount of money you owe
  • Lower or eliminate the interest on your debt
  • Eliminate all late fees and penalties

With more than 20 years of experience building a solid knowledge base regarding bankruptcy and other debt relief alternatives, we are able to help you find an option that will work best for your situation. We have worked with clients whose cases have a range in complexity. We are committed to developing a proper understanding of your financial history and goals so that you can get on a path to financial success again, without the burden of debt. Becoming debt free is achievable, and we will help you learn of your resources and best options. There are also other options available for avoiding foreclosure and stopping creditor harassment. Whatever your situation, we will do more than just help you find a solution: We will help you find the best solution.

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If your debt would become manageable through a workout, this may be an option for you.

Our Process

Once we assess your options, we help you understand the requirements that you need to fulfill. Sometimes it is not clear whether you are eligible for bankruptcy. We’ll work with you to determine your potential eligibility for a Chapter 7 or Chapter 13 bankruptcy and consider whether there is any way to help you avoid bankruptcy. We will always be honest with you about our assessment and will always give you the information you need to have. If your options are restricted, we will let you know. Regardless of what your options are, our team will work to determine your best path forward so that you can find relief from debt. We will provide you with solid debt-counseling and debt-settlement solutions that could reduce your debt totals while staying outside of the bankruptcy process.

Taking the first step towards permanent debt relief can be intimidating, but it is crucial that you take it. It starts with meeting with a reputable bankruptcy lawyer who can give you the right counsel so that you are informed. It’s also important to recognize that anyone can get caught up in debt. Many external factors can cause someone to file for bankruptcy, and it does not necessarily reflect a lack of financial literacy or personal responsibility. Resolving financial problems can be an overwhelming task and it can even seem impossible, but with our knowledge, skills and experience we can develop a detailed plan for you.  

Get In Touch With Us

For a free, confidential consultation regarding debt reorganization and other non-bankruptcy options, contact us online or call us at 860-563-3955. We have offices in Wethersfield and Winsted, and are easily reachable from the cities of Hartford, West Hartford, East Hartford and Manchester.