Law Office of Judith A. Descalso Law Office of Judith A. Descalso

Considering bankruptcy alternatives

Most people don't consider filing for bankruptcy until they have explored every other available option. In many cases, this is the prudent thing to do. After all, there are many different ways for California residents to address their financial issues, even the most serious ones.

For people who are facing extremely high credit card debt, a debt consolidation program may be an appealing option. In these programs the balances from several different credit cards will be combined, usually resulting in one monthly payment instead of many. And, the interest rate on the single balance can be much lower than the rate on several different credit cards.

For Escondido resident who are on the brink of a foreclosure action by their lender, a short sale or mortgage modification could be a good way to make much need financial changes. In a short sale, a homeowner sells the home for less than the balance on the mortgage, but in many cases this is in agreement with the lender, who will forgive the remaining balance of the loan.

In a mortgage modification, the borrower and the lender work out a change to the current mortgage, which can make it easier for the borrower to repay the loan going forward.

While these may be good options for some people, many of our readers may be past the point where these types of programs can help. For people in this situation, a personal bankruptcy filing could be the best - and only - option to address serious financial issues. Anyone who is interested in learning more about how our firm helps Escondido residents with their financial problems can visit our website. This could be a great starting point for those looking for debt relief.

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