Alternatives to Bankruptcy
Should I declare bankruptcy?
Bankruptcy is not the best solution for everyone, and when you come to the Law Offices of Marshall D. Schultz, we will take the time to review your needs and your priorities to determine the best strategy for you. We have more than 33 years of combined experience, and are committed to helping individuals and families resolve their problems with debt. We can advise you of alternative options for regaining control of your finances and guide you through the entire process. When you work with our firm, we treat you like family and take a sincere interest in your well-being. We urge you to take action as early as possible, as the longer you wait the worse the situation.
If your home has been threatened with foreclosure, you have several options for mitigating the damage. A distinguished attorney from our firm can study your loan documents for evidence that you were the victim of predatory lending, such as if the lender failed to reveal the full terms of the loan or charged an abusively high interest rate. When this is the case, foreclosure defense litigation is often successful at preventing the lender from carrying out the action. We can also seek to negotiate a
loan modification which would give you a lower interest rate or a reduced balance, resulting in a more affordable monthly payment. If you are willing to let go of the house but want to limit the damage to your credit report, a
short sale or
deed in lieu may be the most effective strategy.
Pertinent Legal Help
The approach for credit card debt and other unsecured loans is usually different from a home loan. With debt settlement, we will contact your creditors to negotiate a reduced balance for your outstanding debts, in exchange for a single lump sum payment. When creditors realize that they may lose the debt to a
Chapter 7 or
Chapter 13 bankruptcy, they are often willing to lower the outstanding balance.
Debt consolidation is one of the most effective methods for resolving an unmanageable debt load, and it involves taking out a new loan that is large enough to pay off all the others. This will leave you with a single monthly payment, ideally with a lower interest rate. To learn more about your options, please do not hesitate to get in touch with our legal team. We have offices located in Detroit and Southfield.