When a Bankruptcy Alternative Won’t Help You Boston MA

There are many situations where bankruptcy alternatives are not the desired result or solution to a money problem. The goal is to get out of debt and be able to move on with life. However, debt settlement, negotiation, and credit counseling are not right for everyone. You need to assess your situation and find the solution that works for your specific needs. Here are some common reasons that bankruptcy alternatives might not work for you or other consumers in a financial debacle.

Cornelius J Chapman Jr
(617) 345-3838
125 SUMMER ST
BOSTON, MA
Specialties
Education, Bankruptcy, Corporate, Banking, Entertainment
Education
Boston College Law School,University of Chicago
State Licensing
Massachusetts

Bruce Francis Smith
(617) 951-0500
1 FINANCIAL CTR
BOSTON, MA
Specialties
Bankruptcy
Education
Cornell Law School,Cornell University
State Licensing
Connecticut, Massachusetts, New York

Walter R McCabe III
(617) 951-7231
1 INTERNATIONAL PL INTERNATIONAL PLACE
BOSTON, MA
Specialties
Corporate, Bankruptcy
Education
Harvard University Law School,Boston University
State Licensing
Massachusetts

Mark Fennell
(617) 248-4032
Two International Place
Boston, MA
Specialties
Mergers & Acquisitions, Bankruptcy, Immigration
State Licensing
Massachusetts

Meredith Ann Swisher
(617) 790-3000
125 SUMMER ST STE 1300
BOSTON, MA
Specialties
Litigation, Construction, Bankruptcy
Education
Boston College Law School,West Virginia Wesleyan College
State Licensing
Massachusetts

Amy L Kyle
(617) 951-8288
1 FEDERAL ST
BOSTON, MA
Specialties
Bankruptcy, Equipment Finance, Project Finance
State Licensing
Massachusetts, New York

Harvey J Wolkoff
(617) 951-7522
One International Place
Boston, MA
Specialties
Litigation, Bankruptcy, Intellectual Property
Education
Columbia University School of Law,Dartmouth College
State Licensing
Massachusetts

Joseph S. Sano
(617) 456-8000
100 Cambridge St Ste 2200
Boston, MA
Specialties
Bankruptcy, Advertising, Internet
State Licensing
Massachusetts, Michigan

Steven C. Reingold
(617) 951-0500
1 FINANCIAL CTR
BOSTON, MA
Specialties
Bankruptcy
Education
Boston University School of Law,Rutgers University
State Licensing
Massachusetts

Timothy Durken
(617) 856-8142
1 FINANCIAL CTR
BOSTON, MA
Specialties
Bankruptcy
Education
Vanderbilt University Law School,University of Massachusetts, Amherst
State Licensing
Massachusetts

When a Bankruptcy Alternative Won’t Help You

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There are many situations where bankruptcy alternatives are not the desired result or solution to a money problem. The goal is to get out of debt and be able to move on with life. However, debt settlement, negotiation, and credit counseling are not right for everyone. You need to assess your situation and find the solution that works for your specific needs. Here are some common reasons that bankruptcy alternatives might not work for you or other consumers in a financial debacle:

-If you don't make enough money, you can't really help yourself, so bankruptcy alternatives can't help you. If you have $5,000 worth of debt and can't afford to pay at least $100 a month towards debt reduction, you will likely wind up filing bankruptcy. Debt negotiation and settlement are not feasible for people without a significant income and credit counseling is even more expensive for consumers. Most people fail in debt relief programs, and the reason is usually the affordability of the programs based on the income that they have.

-Creditors that feel that you have been fraudulent in your borrowing will not work with you. If it looks like you used credit with no intentions of repayment, then you will likely be denied assistance. If you have taken large cash advances, loans, or luxurious purchases without making payments you are going to look like a fraud. Even if you can find settlement options, you might not have as many incentives or benefits that others would get because you present as a person who borrowed money that they had no intention of paying back. By the way, this is also known as credit card or credit fraud. Keep this in mind.

-Self-employed or commission-based jobs that have income fluctuations from month to month are not suited for bankruptcy alternatives. Credit counseling is the most affected by this element, but all forms of debt relief will suffer if the income is on a yo-yo. If the monthly payment leaves you no breathing room or if your income changes often, you will likely have trouble completing the program.

-Secured debts are grounds for refusal to work with consumers who have financial problems. Debt settlement companies and credit counselors have nothing to gain from helping pay off secured debts. There is little to no incentive to help you out with secured debts in the debt relief industry. The lender has collateral in this situation to get their money back, so the debt relief company has nothing to gain.

-Learning financial responsibility. Some companies will actually assess people personally and determine whether they feel that they can be financially responsible in the future. If it seems people don't care and just want an easy out, they won't be able to learn their lesson with debt settlement. It's not just about paying off debt. It's also about education and re-learning how to have financial stability and responsibility.

 

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