It is true that working with a bankruptcy law lawyer in Irvine is beneficial if you are filing for chapter 7 or chapter 13 bankruptcy. However, at KE Law firm, we also offer counseling to our clients to help them avoid filing in the first place.
Debt is part of our life. It can be overwhelming sometimes that the only way out is to file for bankruptcy. But before you even file, you must to our lawyer at Karine Karadjian Law firm to discuss your options.
Sell Your Assets
Whatever possessions you have, be it a car or a house, consider selling them. Then, use the money to pay off some of your debts.
If you noticed that you can no longer afford to make payments, make sure to take immediate action. Do not wait until you get behind on payments.
Sell your furniture, electronic gadgets online or get another job. They can be a radical way to avoid filing. These things are not necessary so you can live without those things. Remember that it is only temporary. By selling your assets, you can spare your credit while avoiding bankruptcy.
Get Help Through Credit Counseling
If you are still struggling to pay off your debts after selling all your assets, consider seeking consumer credit counseling. At Karine Karadjian Law firm, we can counsel you on how to work with your credits so that you get a reduced interest rate.
Keep in mind that the new bankruptcy law necessitates credit counseling before filing. Thus, you must consider it strongly before filing for bankruptcy.
We can provide you with a credit counselor who can work with your creditors to create a debt management plan. This plan may be out of reach for your situation. However, when you create a budget, you will find you can make payments as long as you adjust some of your spending.
Ask Help from Your Family and Friends
Our bankruptcy law lawyer in Irvine will also recommend it before you even file for bankruptcy. Keep in mind that our goal here at Karine Karadjian Law firm is to help you get out of debt as easy as possible.
We can help you identify all the things that you have that you can use to repay your debt. And if you have some family and friends to help you out in paying off your debt, then that would be better.
Borrowing money from family and friends may not be the best idea. It is known to negatively affect your relationship with them.
But in every rule, there is an exception. Consider asking your family and friends to assist you in repaying your debt. But make sure that you have calculated the money you need to avoid bankruptcy. Then, find out how much money you can contribute to your debt.
After getting those details, it is time to ask your family and friends to help you in paying the difference. Of course, you need to present to them how you will repay them after your financial situation has become better.
Should You Use a Debt Settlement Company
It is not always a good idea to use it. However, between debt consolidation and debt settlement, the latter is a better alternative to settle or pay your debts. Our bankruptcy law lawyer can help you determine whether debt settlement is the right thing to do or filing for bankruptcy will be a better option.
Why Consider Consumer Bankruptcy
If you have identified all the ways to pay off your debt but you are still struggling to pay them all, then you might want to consider filing for bankruptcy.
But you must only consider it if you are technically bankrupt. It means that your debts are in excess of your assets. You are also technically bankrupt if your income is not enough to pay your debts.
But filing for bankruptcy must be the last resort. We always tell this to your client. If other methods have proven to be unsuccessful, then we can help you file for bankruptcy.
When hiring us to file for chapter 13 or chapter 7, we will acquaint you of the downsides of this strategy. Yes, there are disadvantages of filing for bankruptcy. However, by working with us, we can help you get through your debts through filing.
At Karine Karadjian Law firm, we offer free consultations. When you call us or visit our law office in Irvine, we will assign you with an experienced attorney to discuss all your options.
For your convenience, you may visit our offices across Southern California. We also have flexible office hours so we can work with at a convenient time.
Our goal here is to help you get back on your feet as soon as possible. Contact our bankruptcy law lawyer in Irvine to know more about how you can get out of debt and how to file for bankruptcy. Give us a call at (323) 524-2123, (949) 565-4707 or (818) 960-6460.