CONSIDER THE ALTERNATIVESIf a debtor does not qualify for

a Chapter 7 filing, there are fi-nancial options rather thanChapter 13 bankruptcy, but theyhave their own downsides andrisks. For instance, a “debt man-agement plan” can provide debtrelief over a 3 to 5 year period,as credit counselors coordinatewith lenders to reduce interestrates, fees, and penalties to anaffordable level, while the debtorpromises to pay back the fullprincipal over time in an effi-ciently managed manner. How-ever, creditors have noobligation to participate, mean-ing that a debt managementplan is not a guaranteed option.There are also enrollment andmaintenance fees involved.

In the final analysis, a Chap-ter 13 bankruptcy filing maymake the most sense. Chapter13 bankruptcy allows people to

get out of debt while making aseries of affordable paymentsover a three to five year period.Chapter 13 enables people whoare behind on mortgage or carpayments to avoid foreclosureor repossession. At the law firmof Keith, Winters & Wenning,LLC., we understand there areoften many factors that con-tribute to insolvency. With morethan 45 years of combined ex-perience, our experienced bank-ruptcy lawyers can guide youthrough the complex process.Quality representation for anylegal issue.

HINT: If a “debt consolidationloan” involves consolidating sev-eral unsecured loans into onesecure loan (backed by collat-eral, like a home or car), and theloan is not paid back, the collat-eral is at stake. “Debt settle-ment” damages a credit score.

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