The bankruptcy attorneys at Long & Long focus on helping consumers and small businesses confront and overcome financial difficulties.
When you come to us, we will assess your debt situation and provide you with honest, professional advice to find the best solution for taking control of your finances, whether it is Chapter 7 or Chapter 13 bankruptcy or an alternative, such as debt settlement or loan modification.
Meeting with us is convenient, as we have two metro office locations in Denver and Centennial and we offer both evening and Saturday appointments.
When to Pursue an Alternative to Bankruptcy
If you make too much money or have too many assets to qualify for bankruptcy, but are still unable to meet your financial obligations, an alternative to bankruptcy may be a good option for you. Our attorneys can negotiate with creditors on your behalf to reduce debt balances, interest rates and monthly payments. Some of the most popular alternatives to bankruptcy include:
Debt Settlement – Debt settlement typically involves approaching a creditor and negotiating a lower payment on an outstanding debt. Lowering your payment may entail lowering the principal balance, lowering the interest rate, or negotiating a final figure that will settle the debt in one lump sum payment. Creditors often accept debt settlement if they stand to get nothing in the event you file
Loan Modification – There are many government-backed loan modification programs available to overburdened debtors. For example, if you are employed, but you are struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP®), which will lower your monthly mortgage payments in order to make them more affordable and sustainable in the long-term.
Downsides to Bankruptcy Alternatives
While not all debtors need bankruptcy, obtaining debt settlements and loan modifications can be quite cumbersome and frustrating if you have more than a few creditors. This is because you must negotiate with each creditor individually, and you cannot be sure that every creditor will be open to bargaining with you. Furthermore, while you are negotiating with one creditor, another may continue to harass you with phone calls and mailings.
In contrast, once you file for bankruptcy, the automatic stay goes into effect and creditors must end all debt collection efforts. Then the bankruptcy trustee brings all of your creditors together, and they are required to follow one court-supervised plan.
With all of these factors, it is important to consult with an attorney who specializes in bankruptcy, debt settlement and loan modification to ensure your case is handled competently with your unique needs and goals in mind. At Long & Long, we realize that anyone can face financial hardship – we will take the time to thoroughly analyze your case and find the right solution for you!
Contact an Experienced Colorado Bankruptcy Attorney Today
If you are considering bankruptcy or an alternative to bankruptcy, contact Long & Long PC for a Free Consultation today. You can have a fresh start and achieve financial stability!