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1115 Harrison Street  •  Mount Vernon  •  Illinois 62864
The Sharp Law Firm, P.C
Bankruptcy Alternatives

Providing You with Various Alternatives to Bankruptcy

Seek financial advice from an experienced lawyer in Mt. Vernon

The decision to file for can be extremely difficult to make. If you would rather avoid the negative consequences of filing for , there may be various alternatives. The Jefferson County attorneys at Sharp-Hundley, P.C. work with you to investigate all of your options and see which ones work best for you. Founded in 1973, we have a reputation built on integrity and loyalty, so you can trust our advice to help you secure a better financial future.

Common alternatives to filing for

The following are some of the most commonly used alternatives to :

  • Manage your own money. Figure out ways to reduce your expenses so that you can devote more of your income to paying your debts. A Jefferson County lawyer can work with you to establish a strict personal budget. However, if you find your debts to be unmanageable, this might not be the best option for you.
  • Come to an agreement with your creditors. Some creditors are open to negotiation. They understand that if you file for , they will get less money. If you have sufficient income or assets that you would be willing to sell or apply against your debt, you might consider negotiating to lower payment amounts.
  • Consolidate. If your interest payments are simply too high, debt consolidation allows you to borrow money from a bank or lender at a low interest rate so that you can pay off your debts that have higher rates.
  • Do nothing. This is only a viable option if you have no assets or income because this status makes you “judgment proof.” This means that a creditor cannot garnish wages or seize your property, even if you do not file for Chapter 7 or Chapter 13 .

Bankruptcy is not always an option for everybody. A Jefferson County attorney from Sharp-Hundley, P.C. works with you to analyze your personal financial situation and give you recommendations for your best course of action.

Contact our Mt. Vernon attorneys right away

For trustworthy advice on your financial situation, call the lawyers of Sharp-Hundley, P.C. at 618-242-0200 or contact us online. We serve clients throughout the Southern Illinois region.