I frequently answer many questions from people who find themselves in debt and don’t know what to do. Whether their debt is current and about to become delinquent or those with a judgment that is already entered, the options are the same. Which one a debtor chooses depends on the debtor’s unique circumstances, the kinds of debt they have, their assets and their income. So learning about options is important and a debtor needs to know about all options in order to make an educated and informed choice about what to do. This guide is not intended to be a substitute for legal advice by a bankruptcy or consumer law attorney and any debtor should discuss these options in more detail with their attorney. It is nonetheless hoped that the information here will serve to provide the debtor with the knowledge to get started.
The options are: (1) do nothing; (2) if a lawsuit has been filed, litigate; (3) try to resolve the debt, either now or later; or (4) file bankruptcy. See my other articles for a look at each option in detail.
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