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What Can I Do To Avoid Bankruptcy?

No one really wants to file bankruptcy. However, there are times when filing bankruptcy is the best financial option for an individual or a family. It those cases, a debtor is so far behind on bills that he or she has no chance of catching up, or the debtor is in danger of losing a home, a car or another valuable asset.

However, bankruptcy is not always the only, or even the best, solution to financial problems. An experienced bankruptcy attorney like the ones at Amerio Law can help you decide if bankruptcy is your best option or if there is another way to handle your financial problems. 

Options to Avoid Bankruptcy

People who choose not to file bankruptcy often choose one of these other methods to address their debt issues. Here are some common actions taken by people who are experiencing crushing debt and the advantages and disadvantages of each method.

Method Advantages Disadvantages
Payment Plan A debtor who takes control of debt by working out a reasonable payment plan usually develops good money habits and avoids a poor credit rating. May take years and a great deal of discipline to accomplish.  A single financial setback can ruin a carefully crafted payment plan.
Do Not Pay Bills Some debtors simply opt to stop paying their bills.  The one advantage of this system is that the debtor does not spend any more of his or her money on bills. Creditors will repossess collateral or foreclose on a house; credit rating is ruined.  Debtors may find themselves sued for residuals on unpaid bills and may even find it difficult to obtain a job with a credit report that reflects many late or unpaid balances.
Credit Counseling May help some debtors take control of debt and learn good spending habits.  Credit counseling companies negotiate with creditors to lower payments and interest rates. Expensive fees; often unnecessary, as debtors can negotiate for themselves with credit card companies and other creditors.  May affect credit negatively.


While there is no sure way to avoid the negative aspects of too much debt, the right solution to your debt problem depends on the amount and type of debt you have contracted, your prospects for repaying the debt in a timely manner and what disposition you want to make of your assets. A bankruptcy attorney at Amerio Law can help you answer these questions.

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