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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.
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
"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."