Debt Consolidation Loans:

Debt consolidation loans allow people to consolidate many debts into one loan with one payment each month. Generally interest charged on debt consolidation loans falls far below the interest charged on most credit card debt allowing easier repayment of the debt. These loans, in most cases, rely on a debtor's home for security making them available only to homeowners. GetSmart provides debt consolidation loans for debtors who own their house; LendingTree offers secured debt consolidation and some personal loan options for good credit debtor's who do not own property. To read more about debt consolidation loans including their dangers you may answer a pre-qualification questionaire or read an article, written in a frequently asked questions format, by a debtor's attorney on the risks and benefits of debt consolidation loans.

Credit Counseling Services:

Credit counseling organizations work with your creditors to reduce the interest payments on your debt, sometimes eliminating interest entirely. These programs allow debtors to use the period of interest reduction to pay down their debt. Repayment of the principal balance of the debt through credit counseling generally requires full dollar on a dollar payment without reduction or discount. Often these firms maintain non-profit status, but they are not government sanctioned or public service companies. To see if credit counseling might be the right solution to fix your debt you may wish to answer the pre-qualification questionnaire, read an article on credit counseling written in the FAQ format or follow links to several consumer credit counseling agencies.

Debt Settlement Services:

Debt settlement firms operate by contacting your creditors and negotiating settlements on each of your debts. Most of these debt settlement firms set their goal at reducing your debt down to 30-50 cents on the dollar through their efforts. Often debt settlement payments may strech out over a term of years. Anyone may use debt settlement firms regardless of their home ownership status or credit. To see if debt settlement might be the right solution to fix your debt problem you may wish to answer the pre-qualification questionnaire or read an article on debt settlement written in the FAQ format.

Stop Foreclosure:

No matter if you just envision missing your first payment, your auction date awaits soon or you would just like to learn more about how to prevent a foreclosure, the more you know and the sooner you learn it the better off you will be. Almost every foreclosure can be avoided with the proper planning and allocation of even limited resources. Methods include refinancing the mortgage facing foreclosure, working things out with the bank yourself or having a professional help negotiate a foreclosure avoidance plan for you. When those choices don't work a Chapter 13 Bankruptcy can save the day. You may wish to use a special interactive tool to help suggest a foreclosure prevention choice for your own situation or just visit a site filled with articles and information about how to help stop a foreclosure on your home as well as information to better understand the foreclosure process. The banks may make you feel you have no choice but to lose your home, don't believe it, the sooner you start taking action the more choices you have save your home from foreclosure.

IRS Tax Settlement Services:

Some say death and taxes remain item beyonds ones control. Yet in certain circumstances taxes may be negotiated and paid at a steep discount. When a taxpayer presents a plan for the IRS to take a lump sum of money as settlement of the entire tax obligation the IRS calls it an "Offer in Compromise". While anyone can put together an Offer in Compromise, your best bet for having the IRS approve such a plan would be having the assistance of an Offer in Compromise professional. Typically those who put together these plans once worked as agents for the IRS or practice law specializing in debt or taxes.

Student Loan Consolidation:

In most cases Student Loans may not be discharged in a bankruptcy. You may, however, reduce you payments by consolidating student loans. Under most consolidation plans interest rates can be lowered, multiple payments can be combined into one easy payment and sometimes terms can be extended. You may wish to read more about the how to address student loan debt in bankruptcy or working with student loan debt outside of a bankruptcy.

Bankruptcy:

Bankruptcy represents both the most devastating debt solution for the debtor's credit while providing the most complete elimination of the debt. A chapter 7 personal bankruptcy can wipe out all of a person's debts, allow them to keep all of their possessions and get a fresh start again. Exactly who can qualify to have their debts discharged in a "no asset" case where they retain everything varies by state. In chapter 13 bankruptcy cases debtors reorganize their finances by paying a portion of what they owe as settlement in full of their debts. Chapter 13 mainly comes into play as a means to save a home from foreclosure. To find an attorney near you try Total Bankruptcy or AttorneyFind. For more information on bankruptcy you may read some of the many pages at Debtor Links or answer the pre-qualification questionnaire on bankruptcy, which will also aid in establishing how your situation fits within your own state's rules.

Credit Repair and Rebuilding:

A master strategy for dealing with debt should always include a plan for rebuilding one's credit. Time passing and making timely payments to all remaining creditors following a debt problem helps the situation from the start. To accelerate the process a debtor might obtain a regular unsecured credit card or a secured credit card and make very sure to pay at least the minimums by the due date every month. To find out what your credit looks like reports can be ordered online from the major credit reporting agencies such as Equifax or Trans Union. In some cases the reports can be obtained for free, otherwise they may cost $8-$30 depending on the type of report ordered. Use the reports to know where you are starting from and to look for errors. You should take steps to have false items removed yourself or get a professional to make sure the agency corrects the issue. For more information you can read a complete article.

For information on retaining or consulting with Attorney Brenner please visit the contact page.

Nothing contained herein should be construed to constitute advice for your personal circumstances. This is intended as a peripheral exposure to the various options available, but by no means is this a comprehensive or exhaustive analysis of the bankruptcy laws or their alternatives. Whether or not you should file a Chapter 7 bankruptcy, Chapter 13 bankruptcy, or any bankruptcy, will vary depending on your personal circumstances and should only be undertaken after careful consideration, analysis and after consultation with an attorney experienced with such matters. These pages may contain information and rules peculiar to the Commonwealth of Massachusetts.

This material may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. For more information read our terms of use and privacy policy.

Web site design by Mory Brenner. This page, and all contents, are Copyright (C) 2006 all rights reserved by

Financial Firebird Corporation, 150 North Street Suite 40, Pittsfield, Massachusetts 01201.

Bankruptcy Alternatives / Debtor's Options - Home Page

Lifestyle | Real Property and Other Hard Assets | Foreclosure | Cash, Stocks, IRAs and Other Soft Assets | Secured vs. Unsecured Creditors | Credit Rating
DEBT WORKOUT | Bankruptcy | Do Nothing | Pay Creditors in Full
Debt Consolidation Loans | Non-Profit Credit Counseling Services

The most recent update of this page occured on 07/21/06.