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Debt Relief

Gain Relief from Your Debts Without Going Through Bankruptcy

If you are struggling with debt, know that we can help you access debt relief without having to declare bankruptcy. Even though bankruptcy can be the answer to your debt problems, for many consumers, bankruptcy is only to be used as a last resort. Rest assured that we offer a number of different avenues of debt relief that we can explore before counseling that you file for bankruptcy.

Types of Debt Relief

At the law office of bankruptcy attorney Andrew B. Nichols, we can assist with many different types of debt relief:

  • Debt Settling: We are happy to help you negotiate with your creditors and come to a settlement with them that is short of full bankruptcy.
  • Loss Mitigation: If you are having difficulty making your mortgage payments, know that there are avenues available to you other than foreclosure. We can help you with the following:
    • Loan Modifications: We can work directly with your bank to modify the terms of your loan, making it easier for you to make your payments.
    • Forbearance Agreements: If you are encountering short-term difficulty in making your mortgage payments, a forbearance agreement might give you time to regroup. This agreement will reduce or suspend your mortgage payments during a specified period; however, you will have to resume paying the full payments, plus additional amounts to get current on your payments, once the period of time is over.
    • Short Sales: If your home is now worth less than the total amount of your mortgage, we may be able to help you negotiate a short sale with the bank.
    • Deed in Lieu of Foreclosure: If you cannot make your monthly mortgage payments and cannot find someone to buy your home, we might be able to help you surrender your deed to the bank instead of going through the foreclosure process.
  • Collection Lawsuits: If you are being sued over your debt, we may be able to help you defend yourself against the lawsuit.
  • Disputing Your Credit Report: Credit agencies are supposed to correct any errors you find on your credit report; however, sometimes this does not occur. We can assist you in your dispute with the credit agency so that your report can be correct.

Why Debt Relief Instead of Bankruptcy?

Many clients are unsure why they should opt for debt relief instead of bankruptcy. Here are just a few reasons why you might consider this option:

  • Your debts are not eligible for bankruptcy relief. Certain classes of debt, like student loans, generally cannot be discharged in bankruptcy. For these types of debts, other forms of debt relief should be sought.
  • It is only one debt that is difficult to pay off. If you are easily able to keep up with all of your other debts (mortgage, car loans, student loans, credit cards, etc.) but are only having difficulty with one debt, you may wish to consider debt relief or loan modification for just that debt. Typically, this is the mortgage.
  • There is a dispute regarding the debt. If you believe that you do not owe a certain debt or owe less than what your creditors claim you do, it does not make sense to go into bankruptcy in order to gain relief from it. This also applies to errors on your credit report.

Of course, if you are not sure whether debt relief or bankruptcy is the best option for you, know that the law office of bankruptcy attorney Andrew B. Nichols is here to help. We would be happy to go over your financial situation and give you advice that is specifically tailored to your situation. Please call us today to learn more and schedule a consultation.