Alternatives to Bankruptcy
What Bankruptcy Alternatives Are Available in California?
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. We offer
free case evaluations.
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 completing a short sale, you stand a greater chance at breaking even
after selling your property or possibly making a profit. Furthermore,
California is a “no recourse” state, meaning that creditors
cannot pursue legal action against 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, many of their
issues can be traced directly to unfamiliarity with finances. By speaking
to a professional credit counselor, you can receive a basic yet critical
- Establishing credit
- Understanding and cleaning your credit score
- Prioritizing expenditures
- Managing savings accounts for unexpected problems
Start Over With Strategic Default
If you cannot stand the thought of putting a huge portion of your income
into a mortgage that might never give you a return, you may want to walk
away from your real estate altogether. Known as a
strategic default, homeowner’s can notify their bank they no longer can afford their
home and that it should be
Although you are effectively surrendering your property, it will take the
bank some time to prepare the foreclosure. You can use that time to save
up money that used to go into futile mortgage payments.
No matter the solution best fitting your financial situation, you should
work with a bankruptcy lawyer from Peter Rasla & Associates, P.L.C.
Start today with a
no-cost, no-obligation case evaluation.