Alternatives to Bankruptcy
Irvine Bankruptcy Attorney
Many people wait too long to seek legal counsel when they are falling into
overwhelming debt. In order to avoid bankruptcy, you should discuss your
options with Peter Rasla & Associates, P.L.C. as soon as you believe
that you might be nearing serious financial troubles. The sooner you act,
the sooner you will be back in control of your future stability.
Consult an Irvine bankruptcy lawyer today to discover your bankruptcy alternatives.
Short Sales to Flip Upside-Down Mortgages
When the amount you owe on your mortgage is
less than the amount your property is worth on the real estate market, the
financial stress can be unbearable. With professional assistance, you
can move to have your home sold in a
short sale, which allows it to be sold at the highest price possible, not necessarily
its real value. By doing so, you stand a greater chance at evening out
after selling your property or, if you are prepared, possibly even making
a profit. Furthermore, California is a “no recourse” state,
meaning that creditors cannot pursue any legal action or payment from
you after you sell your property in a short sale.
Control Your Debt with Credit Counseling
For so many people slipping into debt and facing bankruptcy, much of their
issues can be traced directly to their unfamiliarity with their finances.
By speaking to a professional credit counselor, you can receive a basic
yet critical education in:
- Establishing credit
- Understanding and cleaning your credit score
- Prioritizing expenditures
- Managing savings accounts for unexpected problems
Start Over with Strategic Default
If you feel like you just cannot stand the thought of putting a huge portion
of your income into a mortgage that might never give you a return on investment,
you may want to just walk away from your real estate altogether. Known as a
strategic default, homeowner’s can notify their bank that they no longer can afford
or want to afford their home and that it should be
foreclosed. Although you are effectively surrendering your property, it will take
the bank sometime to prepare for the foreclosure, and you can use that
time to save up money that used to go into futile mortgage payments.
No matter the alternative to bankruptcy that best fits your situation,
you should work with an Irvine bankruptcy lawyer from Peter Rasla &
Associates, P.L.C. You can start right now with a
no-cost, no-obligation case evaluation.