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What is the Most Viable Alternatives to Bankruptcy for my Financial Situation?
Some of my friends say that I should avoid filing for bankruptcy because it will greatly damage my ability to obtain key business loans in the future. However, I’m not concerned with that since I’m planning to just go back and work for my dad after I close down my catering business. My debts are not all that high but I think I’m going to need some extra time to retire all of them. Are there any viable alternatives to filing for bankruptcy?
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Answers (1)
Under certain circumstances, there are several alternatives to filing for bankruptcy. However, it would probably be best for you to first meet with an attorney who specializes in closing down businesses and restructuring debt loads. Most bankruptcy lawyers are experts in that field and can help you decide whether it’s best for you to pursue an alternative to a bankruptcy filing like debt consolidation. An attorney can also help you avoid getting involved with any of the many fraudulent debt relief programs that prey upon people in your situation.
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Posted by Elizabeth Smith on 21 Jan 2010