subject: Bankruptcy Attorney Atlanta Is Available To Help [print this page] Bankruptcy is one option to get out of debtBankruptcy is one option to get out of debt. Many wonder if it is the right option for them. If so, the bankruptcy attorney Atlanta can help those who decide that filing for insolvency is the best course of action. Many will be surprised to know that voluntary bankruptcy was not allowed before the nineteenth century in this country. Before then, creditors filed bankruptcy against a debtor who could or would not pay back his obligations.
People who do not have the income or funds to repay their debt think that bankruptcy is the best solution. It is one solution, but it is not the only way people can eliminate their debt. Some people can start to manage their money better. A household budget can help people take control of their spending.
There are many expenses that people have that they think they cannot eliminate. Many believe that the premium cable television subscription is a necessity. But, a household can save money by canceling the cable TV service. A family that eats out many nights a week, can save money by cooking at home instead. The money saved, can be used to pay down the debt.
Another way to avoid filing for bankruptcy is by debt negotiation. The reality, that all creditors know, is that, if a person is allowed to file insolvency, all debts will be erased. This is especially true of unsecured debt. Most creditors will be open to negotiation of the debt once they find out that their debtor is thinking of bankruptcy.
The creditor, hearing this, is more likely to work with the debtor and negotiate a payment plan that the debtor will be able to pay off. If the debtor has a steady income, he or she is more likely to be able to negotiate a payment plan with creditors. Business owners use a form of debt negotiation in order to avoid filing for insolvency.
Debt restructuring, is the term used to describe a business owners negotiation with banks, and other lending institutions. The debt restructuring requires reports on business liquidity and financial distress. Some people can avoid personal bankruptcy by consolidating their debt. If they have home equity, the chances are good that they can be approved for a debt consolidation loan. If the debtor does not own a home, he might be able to use other property, such as an automobile, as collateral.
However, for many people, debt negotiation, debt consolidation, or debt restructuring, is not a viable option. For people who believe that bankruptcy is the best answer, they can call bankruptcy attorney Atlanta for help. The good part about bankruptcy is that is allows people to start a fresh financial life.
