The first alternative to filing for bankruptcy would be to contact you creditors to arrange a payment plan. Majority of creditors are willing to work out some arrangement to repay the debt, so they are able to recover their money back. The best thing to do is be honest, and explain your situation, and that you would like to setup a new repayment arrangement.
Debt Consolidation Loan
If all attempts at working out a new payment arrangement with your creditors are not successful, another option would be a debt consolidation loan. A debt consolidation loan can pay off all your creditors, leaving you with just the debt consolidation loan payment.
An additional option to filing a Massachusetts personal bankruptcy case is debt negotiations. Your creditors may be prepared to either lower your interest rates, accept reduced payments, or both in an effort to settle a debt, whether temporarily or permanently. It is always a good idea to sit down and figure out a plan before contacting the creditor, giving a few different options that you are able to do.
Debt Settlement is another path to explore. Daigle Law Office can assist you by negotiating with a creditor to settle your debt if you enter a debt repayment plan. Normally, with these types of plans, you are required to deposit money each month with a credit counseling service, which then pays your creditors according to a repayment plan created by the credit counselor. It is often required when you enter a repayment plan that you agree not to apply for, or use, any additional credit while you’re participating in the program.