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Alternatives to Bankruptcy

While Bankruptcy has many distinct advantages for people struggling with financial debt, there are alternatives to filing Bankruptcy worth consideration. Every situation is unique and the details and nuances that make your situation unique may determine what options you have. This is why we offer a FREE CONSULTATION with a Bankruptcy Lawyer, so you can make an informed decision.

Alternatives to filing Bankruptcy are most appropriate when the debt causing the financial burden might be modified, restructured or renegotiated to more suitable terms. Our Bankruptcy Attorneys offer the following services as alternatives to filing Bankruptcy:

  • Debt Negotiation
  • Loan Modification
  • Mortgage Mediation

Contact us today to schedule a FREE CONSULTATION and learn which alternatives may be available to you.

Wisconsin Credit Card Debt Settlement and Debt Negotiation
You may retain our firm to negotiate a debt settlement without filing for Bankruptcy. For many individuals, filing for Bankruptcy may not be the best option. Our debt settlement practice has been successful in resolving unsecured (i.e. credit cards, collection accounts) for only a percentage of what is owed.

The fastest growing trend in debt resolution is Debt Settlement. It is a proven and effective bankruptcy alternative. It is most effective for unsecured creditors, which include credit cards, medical bills, and collection accounts of all types.

Below is a hypothetical Debt Settlement:

Debts
Credit Card #1 – $10,000
Settled amount – $5,000

Credit Card #2 – $10,000
Settled amount – $6,000

Collection Account – $15,000
Settled amount – $9,000

The total savings under this hypothetical is $15,000.00!

Debt Settlement is most effective with a lump sum payment to the creditors. The funds to make the lump sum payment may be raised in a number of ways, including, but not limited necessarily to the following:

Retirement Plan Loans: Many plans (i.e. 401k) allow participants to withdraw a percentage of what is saved in a lump sum. After the debt settlement is completed you repay yourself over time without losing the benefits of tax deferred appreciation.

Home Equity Lines of Credit: This allows you to settle your unsecured debts, like credit cards, for only a percentage of what is owed and pay yourself back while your home continues to appreciate.

Success Stories

Chase Bank
$7,827 of debt privately settled for 40% of what was owed.

MBNA
$19, 304 of credit card debt privately settled for 25% of what was owed in a lump settlement package for a well-known restaurant owner that was able to avoid bankruptcy and preserve his reputation.

Discover Financial
$10,588 of credit card debt privately settled for 22% of what was owed for a client going through a serious illness.

Citibank
$42,554 of credit card debt settled for 30% of what was owed allowing a family to protect their residence without filing for Bankruptcy.

In this economic landscape there are an unprecedented number of people losing their homes to foreclosure in Milwaukee. If you are faced with this reality there are measures you can take that can save your house from this risk. A home loan modification Attorney helps to liberate you and your household from foreclosure in conjunction with a Chapter 13 Bankruptcy. It is the most effective financial device to confront mortgage loans that are in trouble. Through a home loan modification to the terms of your mortgage, you can permanently change the structure of your loan. This restructuring enables you to pay your debt in a respectable and manageable way.

Loan Modification Attorney Richard A. Check
Our loan modification Attorneys in Milwaukee understand your needs and will put you on the correct path to place your financial cards in order. Our team of experts will review your case from a detailed legal perspective. This overview will equip our team with the right knowledge to deliver the best negotiation techniques in the adjustment process. We will smooth out the messy procedure of loan modification by getting strait to the details of your loan. Through a complete critique of the document, our Loan Modification Attorney is able to find common holes that will allow us to leverage your position. There is no time to waste in these pressing matters. Invest in one of our professionals now to get the representation you can’t afford to negate.

Show your mortgage lender you mean business. Seek the assistance of an Attorney for Loan Modification and bridge the barriers and roadblocks of modifying your loan. It is common to see people lose their house due to staggering debt that could have been negotiated down to a fraction of the cost. It is sad to see people being put through great trouble and long hours just to make minor alterations with their lender. Take a stand by hiring our Loan Modification Attorney with years of experience in helping people get out of debt. Our professionals will review your case line by line. We will determine the best way to handle your condition, and put you on the correct path to successful negotiation. We will go over the actions that have already been taken against you. From there, we will look for flaws in the loan documents. These oversights can be used to save your home and get you out of debt.

From the Bankruptcy Law Offices of Richard A. Check, S.C.
These are tough economic times. Over the last few years we have seen millions of people lose their homes to foreclosure. Don’t let your lender bully you into a corner. Let one of our professional loan modification Attorneys take control of your mortgage by negotiating your position. Here, at the Bankruptcy Law Offices of Richard A. Check, S.C. in Milwaukee, Wisconsin, we will keep your best options in mind in selecting a Home Loan Modification Program most suitable for your case and will safeguard your interests during the subsequent proceedings. We specialize in loan modification and are committed to easing your financial stress by putting you back on track. Contact us for a free consultation – it could be your very first step toward a new life!

Wisconsin Mortgage Modification Mediation Assistance- FOR CHAPTER 13 DEBTORS ONLY

The Mortgage Modification Mediation Program in Wisconsin is a brand new program designed to help qualified Chapter 13 debtors keep their homes by modifying their existing mortgage to an affordable payment. To qualify, the debtor must have steady income and pay 31% of gross income or 75% of the current mortgage payment [whichever is less] while the mediation process is pending. Requesting mediation will allow debtors and lenders to discuss whether modifying a mortgage loan is feasible. Debtors that are successful may lower their monthly payment amounts and keep their homes.

Mortgage Mediation can be as simple as a meeting conducted by one of our Attorney’s who acts as a discussion facilitator. We cannot force the lender to modify the your mortgage but can help you reach an agreement with your mortgage lender. Mediation is simply a way for home owners and lenders to discuss whether modifying the mortgage is possible.

Qualified debtors who want to use MMM, should contact the Bankruptcy Law Offices of Richard A. Check to help file the appropriate motions to Participate in the Mortgage Modification Mediation Program, here in Wisconsin.

MINIMUM QUALIFICATIONS FOR THE MORTGAGE MODIFICATION MEDIATION PROGRAM

  • Only Chapter 13 debtors can request mediation
  • Limited to the debtor’s primary residence
  • Debtor has steady income
  • Debtor must provide signed tax returns, pay advices and other financial information requested by the lender
  • Debtor and the lender must each pay half of a non-refundable mediation fee to the appointed mediator before attending the scheduled mediation

Student Loans

Today in the United States our total student loan debt has reached $1.56 trillion, with an average of $32,731 per person and repayment amount of $400 per month. Wisconsin has the 10th most citizens with student loan debt in the nation. Aside from this student loan problem being an immense personal burden, it is also keeping money out of the economy by forcing many young people to have only enough funds to cover basic bills and live paycheck to paycheck. Many Americans and Wisconsinites are starting their life at a huge disadvantage. This problem can create an unhealthy view on finances and serious mental stress for our young adults.

Fortunately, while it is still extremely difficult to discharge student loan debt in bankruptcy, our firm has alternative solutions to help alleviate the pressure of our client’s student loan debt. We can help our clients through loan consolidations, repayment plans that fit our client’s needs, debt reduction negotiation for private student loans, and/or by reducing the burden of other debts to free up more funds each month to afford student loan payments.