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Non-Bankruptcy Alternatives

I divide a debtor’s options into bankruptcy alternatives and non-bankruptcy alternatives. The main advantage that bankruptcy alternatives have over non-bankruptcy alternatives is that you can force a creditor into forgiving a debt when it normally would not or into accepting a repayment plan which it normally would not accept.

The non-bankruptcy alternatives are hard to specifically define because all they are are ways of dealing withnumbers-web your creditors which are acceptable to you and the creditors but different than your original agreement. There is no Non-Bankruptcy Code. Thus, there are as many non-bankruptcy solutions to your credit problems as there are ways you might propose a solution to your credit problems to your creditor which the creditor will accept and does not involve bankruptcy law.

First, you need to understand that, generally-speaking, the terms of the agreements you signed with your creditors govern your arrangement with the creditors, unless the agreement happens to be illegal or something like that. Just because your life has changed for the worst (lost job, sick spouse, etc….) does not usually give you a legal right or excuse.

A laundry list of non-bankruptcy alternatives would include:

Trying to work out a more favorable repayment plan with your creditors, including extending the payments farther than agreed, lowering the payments, changing the interest rate, reducing the principal balance, stopping interest entirely, etc. The problem with these options is that it is entirely up to the creditor to decide whether it will

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  • Can I go to Jail for not Paying my Bills?

    No, not unless you committed a crime in the creation of the debt (for example, fraud). Simply borrowing money and not being able to pay it back is not a crime. Many creditors representatives will tell you lies on the telephone and say that they will have you put in jail. Perhaps they are too ignorant to know they are wrong or that it is illegal for them even to say that. See More Bankruptcy Q&A