When a Bankruptcy Alternative Won’t Help You Jamaica Plain 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.

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Richard Carey Hyman
(617) 910-3664
1259 Hyde Park Avenue, Suite 128
Hyde Park, MA
Specialties
Personal Injury, Workers Compensation, Social Security, Bankruptcy, Divorce
State Licensing
Massachusetts

Shannon J. Bayer
(617) 299-9197
40 Warren St. 3rd Floor
Charlestown, MA
Specialties
Immigration, Bankruptcy
Education
Suffolk University Law School
State Licensing
DC, Massachusetts

Jonathan K Bernstein
(617) 341-7760
125 High Street
Boston, MA
Specialties
Banking, Financial Markets And Services, Corporate, Bankruptcy
Education
University of Pennsylvania Law School,Brandeis University
State Licensing
Connecticut, Massachusetts

Deborah S Griffin
(617) 305-2044
10 SAINT JAMES AVE
BOSTON, MA
Specialties
Bankruptcy, Construction, Litigation
Education
Boston University School of Law
State Licensing
Massachusetts

Jennifer May Almeida
(617) 364-5299
1234 HYDE PARK AVE STE 102
BOSTON, MA
Specialties
Personal Injury, Bankruptcy, Criminal Defense
Education
New England School of Law,Boston University
State Licensing
Massachusetts

Avi Liss
(617) 778-0363
53 Hereford Street
Boston, MA
Specialties
Landlord & Tenant, Bankruptcy, Real Estate, Chapter 7, Chapter 13
State Licensing
Massachusetts

Reginald F Blanchard
(617) 282-5800
ASHMONT STATION 1939 DORCHESTER AVE
DORCHESTER CENTER, MA
Specialties
Bankruptcy, Personal Injury, Family, Real Estate
Education
Suffolk University Law School,City College of New York,University of Missouri
State Licensing
Massachusetts

James E. Howard
(617) 886-9322
One Thompson Ave Ste 201
Charlestown, MA
Specialties
Transportation, Bankruptcy, Commercial
Education
University of Pennsylvania Law School,Yale University
State Licensing
Massachusetts, Pennsylvania

Prem N. Malali
(617) 951-3351
111 Huntington Avenue
Boston, MA
Specialties
Bankruptcy, Licensing, Business, Venture Capital
Education
University of Pennsylvania Law School,Johns Hopkins University,Bangalore University
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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