Rowe Law Firm
We Return Phone Calls!
800-724-1992 Toll Free 225-250-1161 Local
Contact Our Firm

Looking at alternatives to bankruptcy

When it comes to obtaining debt relief, there are several options debtors have. Depending on the type of debt one is dealing with and the debtor’s overall financial situation, bankruptcy may not be the best option for relief, so it is worth it to consider the alternatives.

One possibility for debtors is to take out a debt consolidation loan and to use that money to pay off all other debts with the aim or reducing the interest one is paying on a monthly basis. One benefit of this approach, besides reducing the interest rate, is that it allows a debtor to make a single payment on what used to be multiple debts. 

Debt settlement is another alternative which involves negotiating agreements with creditors to work out lump-sum settlements. The benefit with this is that the decrease in the amount of principal the debtor owes allows him or her to get closer to paying off the debt. Debt management is another approach, and one which can be used for unsecured debts such as credit card and medical bills. The idea with debt management is to work with creditors to obtain relief from interest, fees and penalties so that the debtor’s monthly payment is more manageable.

In a future post, we’ll speak a bit about when filing for bankruptcy may or may not be a good idea in comparison to these alternative approaches. 


Credit counseling, rather than dealing with a specific approach to handling debt, can be a helpful resource for determining the best approach to take with debt. Credit counseling involves working with a credit counseling agency to examine the debtor’s budget and come up with a debt relief plan short of filing for bankruptcy. Credit counseling is actually required for those who file for bankruptcy, though it can be sought out by those who have not filed as well.

Whenever an alternative approach to bankruptcy is pursued, it is important to work with reputable companies to ensure that one is not subjected to fraud, which is a real risk in these approaches. In addition, it should be kept in mind that alternatives to bankruptcy are not free to pursue, and that debtors can expect that there are costs even for legitimate debt relief services. 

No Comments

Leave a comment
Comment Information

  • Rowe Law Firm has always been there for me,
    without fail. Fast and efficient performance and
    reasonable prices keep my customers happy.

    - Jessie Clark, Hancock Bank - Testimonials
  • I found working with Rowe Law Firm to
    be a pleasure. I will be back.

    - Peggy Callihan, C.J. Brown Realtors - Testimonials
  • As an individual purchaser, I feel that I can
    trust Rowe Law Firm to make sure my closings
    are done right.

    - Charles Oliver, Architect - Testimonials

Broad Knowledge And
Extensive Experience

Over our decades of experience, we have successfully helped clients resolve a wide array of legal matters. Watch our videos to learn more about how we can help you.

Visit Our Video Center

Let Us Earn Your Trust.
Call For A Consultation.

At the Rowe Law Firm, we are proud that our clients can reach us when they need assistance. We always respond to phone calls promptly so you never have to struggle to reach your lawyer.

To learn more and schedule a consultation at our office in Baton Rouge, please send us an email by filling out our contact form. You may also call 225-250-1161 or 800-724-1992 toll free to speak with us about your case. We are eager to go to work for you.

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.

Back to top