What alternatives are there to filing bankruptcy?
This office is not engaged in financial planning, and nothing in this website should be construed to be financial planning advice. It is best to seek a certified financial planner in order to get advice in this area. The observations that follow are for general guidance only and should not be undertaken without first consulting a financial planning expert. Many persons have had success avoiding bankruptcy by acquiring a home equity loan. If one owns a home and has sufficient equity in that home, one may be able to get a home equity loan (which is called a mortgage) and use the money to pay off other debts. This is called debt consolidation, and there are some advantages to consolidating multiple debts into a single home equity loan. A home equity loan will usually have a better interest rate than the rate on the other debts one is seeking to consolidate (especially if the debts one wishes to consolidate are credit cards). Home equity loans may allow a repayment term that is several mon
