Exploring your bankruptcy alternatives one step at a time

At Blalock Law Offices, P.A., I understand that many people simply want to avoid bankruptcy. It is certainly an admirable personal quality to attempt to satisfy your debts. While there are many alternatives to try, their effectiveness depends on the amount and particular type of debts and circumstances. In some instances, there is simply no substitute for the power of a Chapter 7 or 13 bankruptcies. However, taking the time to speak with an experienced bankruptcy attorney before taking action is a good idea.

One of the simplest things you can do is to change your financial situation is to reduce your luxury expenses and bring in more income. If you routinely stop at a coffee shop on your way to work, try to bring your coffee and breakfast instead. If you pay for the premium cable package with all the bells and whistles, perhaps try to reduce your services to the basics. The counterpart to reducing spending is making more money. Perhaps you can pick up extra hours at your current job, begin working an additional part-time job or start your own business. Some people have a yard sale as a miniature Chapter 7 liquidation on their own terms. Small savings in several areas coupled with even a small increase in income quickly can make a difference and provide you with the money to pay down your debts.

Attorney providing debt negotiation and settlement services to Burlington-area residents

Once you have savings, you may consider negotiating with your creditors on the debt you owe. Many creditors are hesitant to go through a collection procedure because of the cost and are eager to get any payment on the debt. Some creditors settle for 10 percent to 25 percent of the debt, while others want much more. Also important to note is that throughout the period where you are trying to negotiate your debts, you are not protected from creditor calls or legal action. Only bankruptcy’s automatic stay can bring you those protections. If making creditor calls stop today is the most important thing to you, bankruptcy may be a better option.

Lawyer explains debt consolidation one-on-one

At Blalock Law Offices, I help North Carolinians understand debt consolidation’s benefits and drawbacks. Debt consolidation is somewhat similar to a Chapter 13 payment plan in that multiple debts and bill payments are renegotiated and combined into a single, typically lower, monthly payment. While debt consolidation is similar to Chapter 13, it also does not offer the protections that bankruptcy does. That is, debt consolidation does not stop creditors from calling, nor can it stop a foreclosure. However, because the number of bankruptcy discharges you can receive is limited, debt consolidation can prove to be a useful means if you can stand the continued collection efforts.

Contact us to understand your bankruptcy alternatives

While bankruptcy can solve most debt problems, it is not the only answer. At Blalock Law Offices, P.A., I take the time to counsel all clients one-on-one. I work with you to find a solution to your financial distress, even if other attorneys have told you that it was too late. Please call today for your free consultation at (336) 274-2343 or contact us online.


Office Location

620 Green Valley Road
Suite 209
Greensboro, North Carolina 27408

Phone: (336) 274-2343
Fax: (336) 235-0652