Sell My House Fast in Orlando, Kissimmee, Davenport, Lakeland, BVL, Winter Haven,
Winter Park, and Central Florida FL

Stop Foreclosure

Sell Your Home

Keep Your Home

Free Reports

About Us

US Home Assist
National Headquarters
Phone:
321.251.4903
Toll Free:
877.50.WeBuy
Fax:
866.318.9294

Ohio Office:
614.340.9880

Pennsylvania Office:
717.704.0131

Alternatives to Bankruptcy

There is no easy way to get out of debt. Some hard choices are in front of you but there are always alternatives to the long-lasting effects of bankruptcy.

There are four basic strategies for getting your debt back under control. I've listed them in order of best to worst in terms of the effect they will have on your credit:

If your credit isn't in terrible shape, can you reduce your other expenses while you pay the debt off? Perhaps some fairly painless changes to your lifestyle can bring your bills in line with your income. If not, some hard choices may be required. Some examples:

Do you really need things like cable T.V.? Get rid of the extraneous expenses.
Ask a relative for a loan.
Can you do without the second car? Sell it.
Pull equity out of your home by refinancing.
Apply for a non-secured signature loan.
Sell your home, pay off your debts with the proceeds, and rent.
Cash out your 401K/retirement benefits.
Sell those family heirlooms/jewelry/guns that are too valuable to use anyway.

If you are willing to negotiate with your creditors (meaning long conversations on phones, letter writing, dealing with less-than cooperative hostile customer service people) you can try and settle your debts your self for less than you owe, sometimes without damaging your credit rating.

Now there are a number of people encouraging distressed homeowners to file bankruptcy stop foreclosure. What typically happens is that an attorney or paralegal files the bankruptcy with the court to stop foreclosure. Bankruptcy will temporarily stop a pending foreclosure but it only delays it. It creates what's called a "Stay" against all pending legal and collection actions. Unfortunately, this only delays the inevitable. The foreclosing attorney will file what's called a "Relief of Stay" and the foreclosure will continue on course until you either reinstate the loan or pay it off.

What a lot of attorneys are pushing is for you to first file Chapter 13 Bankruptcy. You are then placed on a 5-year payment plan for all of your listed creditors. Then if you fail to make those payments, the attorney will then ask you to file a Chapter 7 Bankruptcy. Both create delays in any pending foreclosures but will not stop them. With that in mind, the Bankruptcy will stay on your credit report for up to 10 years. This will affect you purchasing any items that require financing during this time period.

It is much better to try and work out payment plans with your creditors, get rid of as much debt as possible, keep the nonessential purchases to a minimum, and pay off as much as possible. After maintaining the tactics, you can avoid Bankruptcy and be in a much better financial position after a year or two.

There is no magic solution for getting out of debt. Don't believe anyone who tells you otherwise.

At US Home Assist we believe in helping homeowners by providing solutions to financial problems. A FREE, no obligation fact finding call is all that is needed to determine the best course for you and your family. Or fill out our online form and we will call you shortly to discuss a solution.

There is no cost or obligation for the call and FREE analysis. EVEN if you have little or no equity, there are powerful solutions you may NOT be aware of. Learn ALL of your options now. Call 321-251-4903 now .