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Bankruptcy Alternatives for Gainesville Residents

Bankruptcy Isn't Right for Everyone

At The Law Offices of Justin McMurray, P.A., we help individuals, families, and businesses find effective solutions to their problems with debt. Many of our clients come to us because they are ready to take sweeping action to put an end to their struggles with money and want to declare Chapter 7, Chapter 11, or Chapter 13 bankruptcy, because they. Bankruptcy is not, however, right for everyone. When you come to our office for a free initial consultation, a Gainesville bankruptcy attorney from our team will take the time to fully review your current financial situation to find the most appropriate strategy for your case.

Other Strategies for Getting Out of Debt

Collection Defense

Debt collection agencies will often resort to legal action in order to recover bad debt, and the debtor will typically give up at this point, thinking that there is no way to defend against the lawsuit. The fact is that an attorney can often defeat a collection lawsuit by placing the burden of proof on the collection agency to demonstrate that they own the debt and that you actually owe them anything at all.

Debt Settlement

This approach involves negotiating with your creditors for a reduced payoff amount, so that you can wipe out your debt for only a fraction of the amount you owe. In debt settlement, you stop paying on your loans and instead save the money up for a single lump sum payoff, while your attorney represents you with the creditors and works for a payoff agreement.

Debt Consolidation 

Most people who are in debt have several debts, not just one. This situation can be difficult to manage, as it involves due dates spread across the calendar, several different minimum payments, and the liability of late fees and finance charges. With debt consolidation, you take out a new loan that is large enough to pay off your other debts, so that you end up with a single monthly payment and one that is ideally at a lower interest rate.

Short Sale 

If your home mortgage is underwater and you owe more than the house is worth, an attorney from our firm may be able to help you obtain the bank's approval to carry out a short sale which would allow you to sell the property without being held liable to pay the deficiency between the loan balance and the sale price.

Deed in Lieu 

Many people who are threatened with foreclosure on their homes are ready to move on but want to avoid the serious economic and legal consequences of foreclosure. The best solution is often to do a deed in lieu of foreclosure, which consists of surrendering the deed to the bank in exchange for forgiveness of the remainder of the debt.

Loan Modification

If you cannot afford to keep up with your mortgage payment but are determined to keep the house, we may be able to help you handle the situation by negotiating with the bank for a loan modification. The result would be a reduced monthly payment, based on a lower interest rate or loan principal or perhaps an extension of the loan period.

Speak with a Gainesville Bankruptcy Attorney

Don't wait another moment before contacting us for a free case evaluation. We understand how important it is for you to put an end to your debt so that you can enjoy your life without the stress and anxiety of worrying about how you will be able to afford the things you need and want in life. It may have taken you several years to get to this point, but within a relatively short period of time, you may be able to make a fresh start financially.

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