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Be informed about bankruptcy alternatives before filing

Bankruptcy is a big decision for a debtor to make, and most debtors don’t take that decision lightly. When an individual gets to the point in their financial life that they are ready to look into bankruptcy, it is important that they understand the options for handling their debt. Whether one is considering Chapter 7 or Chapter 13 bankruptcy, a filing can result in a credit setback lasting for a number of years. Though this shouldn’t be a deterrent to filing for those for whom a filing makes sense overall, it should considered.

Alternatives to bankruptcy include managing one’s own money and negotiating with creditors. The latter can be done either personally or with the assistance of a debt management agency. In addition, debtors can take advantage of debt restructuring and debt consolidation. Such options can be helpful for those who are in financial distress but who do not want to incur the credit damage that a bankruptcy will bring about. Whether or not these options are optimal depends on the circumstances. 

All that having been said, bankruptcy doesn’t necessarily have to be a last resort. While it is certainly wise to look into alternative means of handling debt, bankruptcy is available to debtors who meet basic requirements. The specific requirements depend on the type of bankruptcy under consideration, and are different for Chapter 7 and Chapter 13 bankruptcy.

The most important thing is for a debtor to work with an advocate who will help him or her to make a fully informed decision. Not all bankruptcy attorneys are trustworthy in this regard. You can be sure that our firm will give you the information you need to make the best decision for resolving your debt problems. 


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Law Office of Ginger C. Cord, PSC
155 E. Main Street
Suite 330
Lexington, KY 40507

Toll Free: 800-762-6916
Phone: 859-963-2073
Fax: 859-254-2192
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