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Options for debt relief other than bankruptcy

As this blog has discussed before, bankruptcy is a great option for Tallahassee, Florida, families who are in dire financial straits. Although it comes with its own share of costs and sacrifices, the end result, if all goes well, is that a family gets a fresh financial start without having to worry about the burden of past debts.

However, bankruptcy is not the best option for all people who need debt relief. Sometimes, there are other techniques a family can use in order to get their finances straightened out. The important thing that everyone has to remember, however, is that any debt relief solution has to include a family's understanding how their financial problems were caused in the first place and what they can do to prevent a recurrence of those problems in the future.

In some cases, it may be a smart idea for a family to try to negotiate some of their debts themselves. Although this is not always the case, many times, a credit card company will be willing to take a lower payment because, in their minds, getting something is better than getting no payment at all.

Not to be confused with a "debt relief program," some parents might find that a "debt management program" through an authorized credit counseling agency can be helpful to some families. In a debt management program, a family will have to pay a fixed amount for three to five years, just like in a Chapter 13 bankruptcy. However, the family will likely get the benefit of a lower interest rate.

Another option that might be available to families is consolidating and refinancing one's debts at a lower interest rate.

While there are other debt relief options aside from bankruptcy, it is important for a Florida family to carefully weigh such options to see if they are right for their situation. This is best done with the help of a Florida debt relief attorney.

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