Exploring Debt Settlements, Loan Workouts and Other Solutions
The majority of people who come to us are out of options and need to file bankruptcy to avoid financial ruin. However, we occasionally are able to help people resolve their mortgage or debt problems through less drastic alternatives.
At Stamps & Stamps, Attorneys at Law, we don't push bankruptcy on those who don't need it. Our experienced lawyer spends a lot of time with clients up front to discuss their situation, explore the options and choose the best course of action. Bankruptcy might be the answer, or we may be able to negotiate with your creditors and lenders.
Your Roadmap to Financial Freedom Here | Dayton Offices: 937-410-0378 or Toll Free: 888-435-0085 | Free Initial Consultation | E-Mail Us
Manageable Debts or Beyond the Point of No Return?
Attorney Eric Stamps will sit down with you to examine the nature of your debts, your other expenses, your income and the vulnerability of your assets. Depending on the unique facts of your case, we can help you pursue:
- A loan workout with your bank or mortgage company
- A government-sponsored loan modification
- Surrendering your house or vehicle
- Short sale or deed in lieu of foreclosure
- Debt settlement or debt consolidation
- Chapter 7 bankruptcy (straight discharge of debts)
- Chapter 13 bankruptcy (debt repayment plan)
Debt Settlement — If you have a manageable amount of debt (such as a handful of credit cards and charge accounts), we may be able to negotiate directly with the creditors to settle the balance without penalties and interest and without delinquencies reported to the credit reporting agencies. We can commonly settle for half or less of what clients owe.
NOTE! Beware of private or nonprofit debt settlement/debt consolidation organizations, especially those that require up-front fees. These outfits often collect money from you without any formal agreement with your creditors. You could be stuck with unaffordable monthly payments, extra fees, black marks on your credit ... and little or no reduction of your debt to show for it!
Loan Workouts and Loan Modification — If you are not in over your head yet, but are barely keeping up with your house payment, it is good to be proactive. We have helped clients negotiate better terms on their mortgage (lower payments, extended years, principal reduction, etc.) to avoid delinquencies, default and foreclosure.
NOTE! Many loan modification programs are scams; the company folds up shop or takes your fee but fails to get you qualified. Loan workouts with lenders can be a trap, too. It is common for banks and mortgage companies to string homeowners along for months on a "pending" workout application at the same time that they are commencing foreclosure proceedings.
Dayton Bankruptcy Alternatives Attorneys
Bankruptcy offers guaranteed protection from creditor actions, including foreclosure, wage garnishment, vehicle repossession, creditor harassment and utility shut-off. It allows you to eliminate debts or spread debts over time without penalties.
Contact us immediately. Most people who wait end up stressed out and in worse financial shape. In your free initial consultation, we will determine the best option for you while you still have options. We serve the Dayton area and surrounding Ohio. Call us at 937-410-0378 or 888-435-0085, or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
