Bankruptcy Alternatives in Texas

• Many people believe bankruptcy is a process that erases all debt. This is not necessarily true. What does happen is that an "automatic stay" is implemented and requires your creditors to immediately cease from contacting you. However, your debt may not be dissolved. There are many bankruptcy alternatives in Texas. Options are available where your creditors will work with you to settle your debts without filing bankruptcy.
  
  

Franklin Debt Relief

• Franklin Debt Relief specializes in in debt settlements, debt reductions and debt relief. It will arrange payment terms with your creditors to get them to accept a lesser payoff amount of your original balance. Once you pay the amount that has been agreed on, the creditor will report "positive" payment history to credit reporting agencies. In some cases, your debt will be cut down to pennies on a dollar. To qualify for this program, you must show that you "need" debt relief, meaning your outgoing expenses must exceed your income.
  
  Franklin Debt Relief
  180 N. Wabash
  Suite 320
  Chicago, IL 60601
  (312) 445-4700
  franklindebtrelief.com
  
  

Law Office of Margaret Maxwell McClure

• Attorney Margaret Maxwell McClure is one of the few Texas bankruptcy law firms that work with clients to find alternatives to filing bankruptcy. The firm will conduct a review of your financial blueprint and determine the best solution. Options are working with your credit card company to reduce monthly payments, your mortgage company to secure a home loan modification or suggest a short sale or deed of sale to prevent foreclosure.
  
  Margaret Maxwell McClure
  909 Fannin St., Suite 3810
  Houston, TX 77010
  (713) 574-5426
  mmmcclurelaw.com
  
  

Money Management International

• In business since 1968, Money Management International (MMI) is a nonprofit organization that assists its clients in reducing interest rates, waiving late fees and lowering monthly payments. MMI's Foreclosure Prevention Program has been approved by the United States Department of Housing and Urban Development (HUD) to help you get caught up on back payments. MMI also offers a Mortgage Reversal Program that allows you to borrow money from your home equity. You do not have to pay this money back as long as you reside in the residence.
  
  Money Management International
  9009 W. Loop South, Seventh Floor
  Houston, TX 77096-1719
  (866) 889-9347
  moneymanagement.org