Alternatives to Bankruptcy in Philadelphia

You have alternatives to bankruptcy in Philadelphia.  When your debt reaches the point where you no longer know what do to, just remember that you have other resources. Bankruptcy is certainly one of those options, but a number of alternatives in Philadelphia may actually work better for you than being in bankruptcy. To make the right decision, working with an experienced, trusted law firm is important.

At Alfred Abel Law Offices, we are ready to counsel you about the different ways that may be available to help you reduce debt and get your financial situation back under control. We will take the time to listen to you and develop an understanding of what has happened: what has put you in a difficult situation. We will analyze your finances and offer practical solutions tailored to individual needs.

To discuss bankruptcy alternatives with an experienced Philadelphia and Montgomery County attorney, call 215.517.8300 or 610.940.1635. You can also contact our law firm online. We serve clients across eastern Pennsylvania including Philadelphia, Jenkintown, Plymouth Meeting, Buck and Montgomery County, as well as many from out of state.

What Bankruptcy Alternatives Are Available in Philadelphia?

Whether you are seeking debt relief as an individual or for your Philadelphia business, a variety of bankruptcy alternatives may meet your needs. Our Philadelphia bankruptcy attorney can help you decide if one of these is right for you:

  • Consumer and business loan workouts: Workouts allow you to negotiate with a lender or with collection companies to restructure the terms of a loan. Our firm has helped clients reach compromises in the amount to be paid and negotiated contracts for payments to be made over time.
  • Consumer loans and unsecured debts: We can defend these cases and we will work hard to reach a favorable settlement with your creditors. We are able to find weaknesses in the creditors’ cases against you, and use that as leverage to reach a settlement.
  • Assignment for the benefit of creditors (ABC): A law for business that is especially useful for insolvent businesses, an ABC is an affordable, efficient way to eliminate debts and wind up business operations without putting your company in bankruptcy.
  • Debt settlement agreements: When credit card debt becomes seriously delinquent, the credit card company may sell the debt to a collection company. These companies are often amenable to a contract of agreement to accept less than the full amount owed and change how it goes on your credit report. But some of these companies are less than reputable. Before agreeing to a contract like this, be sure to seek the legal advice of our law office.
  • Forbearance: Some mortgage lenders will sign a contract and agree not to foreclose on property or land, and instead reach contracts and agreements on a plan to bring you current on your payments within a certain timeframe.

A Word on Credit Counseling

Credit counseling is often advertised as a solution to become debt free. In some cases, these companies are under contract with credit card companies and may not have your best interests in mind. You will likely have better results by negotiating contracts and agreements with your creditors directly rather than hiring a credit counseling service.

Contact a Philadelphia Commercial Loan Workout Attorney for Alternatives to Bankruptcy

Commercial and consumer debt compromises reached through debt negotiations may be an option for you to settle your business transactions. To speak with an experienced lawyer about alternatives to bankruptcy in Philadelphia and determine whether you can manage your debt problems without being in a bankruptcy case, call 215.517.8300 or 610.940.1635. You can also contact our law office online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.