Alternatives to Bankruptcy

Alternatives to Bankruptcy in Buffalo

In debt? What choices do you have?

For some, it may be difficult to fully comprehend the psychology of debt and how it can have power over virtually every aspect of a person's life until they live it. At Smith & Messina LLP, we want you to know that we understand what you are going through, we have heard every horror story under the sun and we have the knowledge, tools and resources to help you dig out.

As a Buffalo bankruptcy lawyer with a passion for helping people not just find any solution, but THE RIGHT SOLUTIONS, Attorney Smith is available to guide you on the right path towards financial recovery no matter what predicament you are in.

How are we different?

  • Attorney Smith is selected for inclusion in Upstate New York's Super Lawyers® an honor held by no more than 2.5% of attorneys in the state.
  • We offer free, no obligation consultations.
  • You have questions, we are here to give you THE answers!

What does our methodology translate to? It means that we will carefully review all of the important factors about your case, which will determine which path would lead to the best resolution. We take our clients seriously and if bankruptcy is not your best option, we will tell you so because if we were in your shoes, we would want to hear the truth.

Bankruptcy "Alternatives" to Consider

Since every client's situation is unique, there is no such thing as a "one size fits all" approach to debt. If you are considering filing for bankruptcy but are not quite sure if it's the right move, here are some alternatives to consider:

Debt Consolidation: If a bank finds you creditworthy, you may be able to get a debt consolidation loan, which would allow you to get a consolidation loan to pay off your debts as an alternative to filing for bankruptcy.

Credit Card Consolidation: If your credit has not yet taken a hit, you may be able to transfer a balance from a high rate interest credit card to a card with a lower rate, or to a new card with a 0% introductory APR for 12 or 18 months.

Negotiate With Creditors: If you still have cash flow coming in, you can contact your creditors directly and try to negotiate with them. While you can expect to spend hours on the phone, it may result in waived late fees or penalties, an interest rate reduction, or a settlement for less than you owe.

Mortgage Loan Modification: A loan modification refers to any changes or modifications to your home loan. If you are experiencing financial hardship, you may be able to negotiate better terms with your lender, which may result in a lowered interest rate, a forbearance agreement, a lengthening of the loan, or a reduction in penalties or late fees.

Real-Life Solutions from a Buffalo Bankruptcy Attorney

The alternatives to bankruptcy typically require that a debtor either have cash on hand, access to cash, or good credit. In many cases a job loss, a divorce, or an injury or illness has wiped out a debtor's savings and led to 30, 60, and 90 day lates on their credit report, making it difficult, if not impossible to explore an alternative to bankruptcy.

If you are in between a rock and a hard place, we want to help. We urge you to contact our Buffalo bankruptcy firm to discuss your case in a free, confidential consultation with our lawyer.

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