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When you’ve begun to feel like your financial situation is out of control, you may wonder if there’s anything you can do to salvage your finances before filing for bankruptcy. Alternatively, you may have tried to pay your bills but find that bankruptcy is looking like the better option. How do you choose the financial solution that will work best for you?

Bankruptcy: Do You Know Your Options?

For anyone who’s dealing with a financial crisis in which their income is less in their debts, it’s important to know but there are options available in addition to bankruptcy. By working with an attorney to assess your financial situation, you may be able to create a plan of action that prevents you from needing to file for bankruptcy while also addressing your debts. For example, debt restructuring is often a viable solution for individuals and business owners.

When working with a bankruptcy attorney, you may be surprised to learn they too would like bankruptcy to be your last resort. Not only are they capable of collaborating with you and your creditors to work out a mutually beneficial plan, but they can provide sound advice to keep you from falling into the same financial position you find yourself in currently.

A bankruptcy attorney is knowledgeable about the types of debts that may be forgiven or reduced and can also assess your financial situation to determine action steps for keeping your finances on track. If you find that bankruptcy is still your best option, a bankruptcy attorney can walk you the type that makes the most sense for your situation.

At Bennett Guthrie PLLC, we are your first resource when you have questions about bankruptcy or are exploring this as an option during a financial crisis. Reach out to us today to schedule a consultation and to learn more about your options.