If you are drowning in debt but don’t want to file for bankruptcy just yet, there are alternative solutions to your financial concerns. The Mobile, AL, debt relief agency of Frances H. Hollinger Attorney at Law is committed to helping clients work through their financial troubles and to finding debt relief through a number of personalized solutions. They say there are several alternatives to bankruptcy you should be aware of. 

Debt Relief: 3 Ways to Eliminate Debt Without Filing for Bankruptcy

1. Negotiate With Your Creditors

If you have some income to negotiate with or assets you are willing to sell, you may be able to negotiate a deal with your creditors rather than having to count on bankruptcy to discharge your debt. Sometimes, a creditor will agree to allow you to settle your debt for less than what you owe if you can make one large payment. Usually, this payment is for an amount that is a fraction of your total debt. Other times, a creditor will grant you time to get back on your feet until you must start making payments again. 

2. Get Credit Counseling

If you are not comfortable negotiating with creditors, or if you have nothing to negotiate with, a credit counseling agency may be able to help you. A credit counseling agency will work with you to develop a debt repayment plan. Following this plan, you will be required to deposit money each month with the credit counseling agency, who will then pay your creditors on your behalf.

3. Debt Consolidation

If you have multiple credit lines open, debt consolidation may be a worthwhile debt relief strategy to try. Debt consolidation means taking out a loan, which you will then use to pay off all your other debts. The point of doing this is to reduce the interest rates and combine all your debts into one easily manageable monthly payment.

The legal team at Frances H. Hollinger Attorney at Law is dedicated to helping clients achieve financial freedom through strategic and personalized debt relief options. If you need help, debt relief is just a phone call away. Call (251) 943-9030 to schedule your initial consultation today, or visit their website to learn more about their debt relief services.