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Alternatives to Bankruptcy

Bankruptcy Attorneys Serving Frederick and Montgomery County Develop Alternative Solutions for You

Getting you out of debt without filing bankruptcy

Your family may not be a good candidate for bankruptcy. A good rule of thumb is that if you owe less than about $10,000 in unsecured debt (credit cards, payday loans or medical bills) and are no more than about a month behind on your secured debts (house, car or truck), you may want to consider a bankruptcy alternative. Our bankruptcy alternatives lawyers can help you choose the solution that meets your needs.

What are the advantages and disadvantages to bankruptcy alternatives?

With a bankruptcy alternative, your credit rating may not be as adversely affected by reaching a non-bankruptcy compromise. However, be aware that none of these alternatives provide legal protection or stop any pending or potential adverse action from the moneylenders.

What are some bankruptcy alternative options?

Our attorneys can give more information about the following bankruptcy alternatives and help you and your family to decide if one is right for you:

  • Debt consolidation — Although this may not the best option, if an opportunity exists for you to take out a lower-interest loan to pay off some high-interest debt, the opportunity is at least worth exploring. Debt consolidation may be available through a credit counseling organization such as Consumer Credit Counseling Services.
  • Debt reorganization — Assuming that you are not too far behind on any payments, you have a robust income and the moneylenders are at least somewhat sympathetic, a few months of financial juggling may be enough to provide a temporary solution and get you through your difficult time.
  • Debt negotiation and settlement — Many times, debt buyers are willing to settle for 20 or 30 cents on the dollar. If you can offer a lump-sum payment, the debt buyer will probably listen to your offer. Your attorney may be able to negotiate the debt buyer’s report to the credit agencies, thus minimizing the adverse impact on your credit score.
  • Loan modification — Between 80 percent and 90 percent of the borrowers who apply for a loan modification are rejected. The most likely scenario for an approval is if the borrower suffered some temporary loss of income but can now afford to pay off the arrears in full over time.

These are just a few examples of some of the alternative solutions available to you as a consumer who wants to get your finances in order without taking the step of filing for bankruptcy. Our experienced attorneys are here to consult with you and help you come up with a plan that works for you and your family.

Contact our Rockville, MD attorneys for a free initial consultation with a lawyer who cares about you

Many bankruptcy attorneys try to sell you a generic package deal without even really listening to your needs. At Wolff & Orenstein, LLC, our attorneys take the time to listen to you and perform an independent evaluation of your financial situation. Well known for our quality work, you can trust our Rockville bankruptcy law firm to recommend the right course of action for you and your family. For a complimentary initial consultation to discuss your case, contact us at 301.250.7232 or online. We serve Montgomery, Frederick and Prince George’s County and all of Maryland.

Michael  G.  Wolff Attorney Photo
Michael G. Wolff
In Memoriam: Founding Member

In Memoriam It is with heavy hearts that we commemorate the life and legacy of our beloved Founding Member, Michael G. Wolff. Michael's distinguished career in the legal field was characterized by unwavering dedication and a commitment to excellence that left an indelible mark on all who had the privilege of knowing him. Over the…

Jeffrey  M.  Orenstein Attorney Photo
Jeffrey M. Orenstein

Commercial Litigation & Consumer Law Firm Attorney Biography:Jeffrey M. Orenstein is a skilled commercial litigator with a particular emphasis on bankruptcy litigation. He has been appointed to serve as Bankruptcy Trustee and Examiner in complex Chapter 11 cases. For more than 25 years, he has represented bankruptcy estates, bankruptcy trustees in multiple jurisdictions, creditors and…

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Matthew Abbott

Biography Matthew E. Abbott is the latest attorney to join the Wolff & Orenstein, LLC team. Matthew graduated from American University Washington College of Law in 2019 after working for Wolff & Orenstein, LLC and the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) as a law clerk. Prior to…

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    When you face difficult decisions regarding your personal finances and in other areas of your life, do not delay in reaching out to an experienced bankruptcy attorney. Contact Wolff & Orenstein, LLC. Serving Rockville, Frederick and Prince George's County, our firm is well known for quality work.
Md. Bkr. Case No.: 12-21288 (Chapter 7)
*Resolved litigation to release federal and state liens on Debtor's principal residence in Silver Spring, Maryland and discharged over $90,000.00 of tax obligations.

*Each case is different and past record is no assurance that the lawyer will be successful in reaching a favorable result in any future case.
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