
Managing the Unmanageable
There are several ways to manage debts incurred by an individual. For individuals in the early stages of debt distress, counseling and management may be sufficient. If the debt amount is significant enough, it may be helpful to seek debt settlement or forgiveness. Finally, if the debts are truly unmanageable, it may be necessary to seek bankruptcy protections.

Counseling and Management
Credit counseling is the lightest form of debt relief and is almost entirely proactive. Credit counseling includes classes and advising on financial accountability and budgeting that seek to encourage fiscal responsibility and helps to free up money from places where it may not be productively used.
Debt management can be achieved through the help of nonprofit advocates who negotiate with creditors in order to possibly waive certain fees or give more favorable rates. Debt management techniques are not always successful but with individuals who are otherwise financially stable, it may be enough to make the debt manageable. However, any deviation from the agreement could result in the revocation of the advantageous offers and rates.

Settlement and Forgiveness
Debt settlement is a more drastic measure that will impact the individual’s credit score. Settlement is a voluntary process where creditors agree to settle for less than the full debt amount, usually 50-60% over a period of time, usually a few years. Creditors are not required to accept a debt settlement and may require significant negotiation before they agree.
On the other hand, debt forgiveness is one of the rarest and most complete forms of debt relief. Often done as part of the creditor’s contract, debt forgiveness completely relieves the individual of their obligation to pay their debt, usually after some factor or requirements have been fulfilled.

Bankruptcy
The final and most drastic measure of debt relief for an individual is to declare bankruptcy. For individuals, they can either file under chapter 7 or chapter 13 relief. Bankruptcy can discharge most types of debt but will have a catastrophic effect on an individual’s credits for years afterwards.

Giving You a Second Chance
If you are seeking options in debt relief, you will need the help of an experienced bankruptcy attorney. A bankruptcy lawyer can use their experience and expertise to represent your interests and get you the results you need to start fresh.
In order to achieve this best outcome, however, you will need an attorney who has the expertise and resources to take your case all the way. That’s why you should contact Attorney at Law. By partnering with AAL, you will be able to avoid slogging through the quagmire of unscrupulous lawyers looking to exploit your case.
At AAL, we only partner with the best firms in your area, helping you find the best attorney for your case. Don’t wait, contact AAL today to be matched with skilled and experienced attorneys in your area who practice bankruptcy law.