How Often Can I Declare Bankruptcy?
If you have filed for bankruptcy before and received a discharge of debt, you need to wait before you can file for bankruptcy again. The federal bankruptcy code specifies when…
Many San Diego families are panicking right now, wondering whether or not they will experience a foreclosure or need to file for bankruptcy. Nearly 30 million Americans have become unemployed due to coronavirus shutdowns.
While the federal government has offered stimulus payments and some business loans and grants, many families simply cannot make their payments. Filing for bankruptcy can be an excellent solution to help you get back on track, you may want to consider alternatives to filing for bankruptcy in San Diego.
Review Your Finances with a Financial Advisor or Bankruptcy Attorney
The first step in deciding how to proceed is to get a complete understanding of your financial picture. A financial planner can help you evaluate your situation. We recommend meeting with a San Diego bankruptcy attorney as soon as possible. At Bankruptcy law center, we can help you determine whether or not bankruptcy would be the best solution for you, or if one of the alternatives to bankruptcy might work better. Contact us today to schedule your initial consultation.
Debt Settlement
Debt settlement is also called debt negotiation or debt reduction. During the debt settlement process, individuals settle their outstanding credit card debts for a lump sum. One of the benefits of debt settlement is having most of your debts paid off at the end. However, debt settlement can be an expensive option.
Many times, lawyers will recommend debt settlement when you are not able to settle your debts for a lump sum payment. In San Diego, debt settlement lawyers can usually settle your debts for 30-60% of the total amount of your debts, but this varies on each individual case.
Debt Consolidation
Debt consolidation is another option besides bankruptcy. Unfortunately, most of our clients who attempted debt consolidation experience poor results. They often need to spend significant money to pay interest charges. Hiring an attorney before looking into debt consolidation is extremely helpful. We can help you avoid falling into predatory debt consolidation traps.
In many cases, filing for bankruptcy is a better option overall for San Diego residents than engaging in debt consolidation with a private company. Many debt consolidation companies are predatory and are not considering their customer’s interests.
Loan Modification
In a loan modification, you can ask your creditor to give you a loan modification. There is one major problem with seeking a loan modification, however. Your lender has the total power as to whether or not to modify your loan. At the Bankruptcy Law Center, we can negotiate on your behalf for a loan modification. If your lender has put off the modification or denied your request, it might not be possible to get a loan modification.
Short Sale
In some cases, engaging in a short sale of your home can be beneficial. If you are not able to sell your commercial property or home for a price that will pay off your mortgage, you can do a short sale in San Diego, if your lender agrees to the sale.
