No One Should Face
Crushing Debt Alone

Ways to eliminate the need to file for bankruptcy

Florida consumers who are in the midst of serious financial difficulties are often willing to make a number of changes to regain stability. Many understand that filing for personal bankruptcy is an option, but wish to exhaust every other means of debt relief before giving that option serious consideration. The desire to repay one’s debt is admirable, and some consumers are able to attain success through debt relief efforts such as the ones outlined here.

One way to gain control over a spiraling debt scenario is to make the effort to contract one’s creditors and work out a repayment solution. This is best achieved in the early stages of serious financial difficulty, as creditors are often more inclined to work with borrowers when there is a recent history of payments on the account. Once the debt has been placed with a debt collection agency or is on the verge of litigation, creditors become less open to structuring a new repayment plan.

Another way to address significant volumes of consumer debt is to consider a consolidation loan. These loans are issued for the purpose of paying down smaller debts with higher interest rates. When properly implemented, a loan consolidation can allow the borrower to pay off multiple accounts and then begin paying one monthly payment. Here again, it is important to take action in the early stages of debt problems.

By implementing these and other debt relief strategies, some Florida consumers can effectively pay down their existing debt. Repayment can take a number of years, however, and the consumer must maintain a steady source of income in order to meet their repayment obligations. For those who attempt debt repayment through these means but encounter difficulty, personal bankruptcy remains an available option.

Source:, “5 Steps to Backing Away From Bankruptcy“, Brian O’ Connell, April 8, 2014

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