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How to Get Out of Debt Without Bankruptcy

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Summary: Get out of debt without bankruptcy by contacting the Consumer Credit Counseling Service to negotiate compromised payment plans with creditors and formulate a budget. Retire debts and improve credit without filing bankruptcy using tips from a lawyer in this free video on bankruptcy.

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By Andy Forman
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Andy Forman, Attorney at Law, has been in bankruptcy representation for over two decades and has lead council in over 3,000 bankruptcy cases. Forman is a member of the Florida Bar and...read more

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Video Transcript

"Well you're wondering how to get out of debt without bankruptcy. My name is Andy Forman. I'm a consumer and business bankruptcy in Tampa, Florida. And I deal with people who have financial challenges every day. Not everybody wants to file a bankruptcy, and candidly, not everybody needs to file a bankruptcy. There are ways to get out of debt without filing. Obviously, every case is different, and you need to consult with a professional. One of the ways of getting out of debt without filing a bankruptcy is to go to an organization such as Consumer Credit Counseling Service. It's a non-profit organization that charges a small fee to the creditors. And they negotiate compromised payment plans with the creditors. They look at a budget, they help you formulate a budget, they negotiate with your creditors, and they basically give you a payment plan. You have a payment every month, and over time as the debts are retired, your credit will improve, your debt level will go down, and you'll not have a bankruptcy on your credit report. There are other non-profit credit rehabilitation businesses that offer what are called debt management programs. And they do essentially the same thing; negotiate with your creditors and avoid having a bankruptcy on your credit report. My name is Andy Forman. Good luck with the work out. You'll do fine."

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