Thousands of people face the possibility of declaring bankruptcy every day. It can be stressful, frustrating and scary. But what these distressed people do not realize is that there are alternatives. To filing bankruptcy. This is where David Soble’s expertise will help – with the help of a knowledgeable and caring debt attorney, you can avoid declaring bankruptcy and get your finances back on track.


Bankruptcy is a legal process that is used to help consumers (or businesses) repay their debts. Once bankruptcy is filed, your lenders and creditors cannot collect from you until the bankruptcy court dismisses the case or you are ‘discharged.” There are two common types of bankruptcy: Chapter 7 bankruptcy, which is the process of liquidating assets to pay off debt, and Chapter 13 bankruptcy, which reorganizes the debt into a regular payment plan to make it easier to pay off over time. Bankruptcy can have many negative consequences. If your assets are liquidated, you could lose your home, your car or your possessions. Bankruptcy negatively impacts your credit, which will limit your ability to borrow money in the future.


Luckily, depending on your individual situation, there are several alternatives to declaring bankruptcy. David can help you decide which is best for you.

  • Negotiation: The first step to avoiding bankruptcy is to negotiate with your lenders and creditors. Most people are not comfortable with negotiating with their creditors, so they consult with an attorney negotiate for them. This is especially important if you have a steady income or assets.  Creditors are less likely to work with a debtor if there are assets that you could liquidate.  With an attorney, creditors are more likely to give you time to pay off your debts and may be willing to settle for a smaller amount than what you owe.
  • Debt consolidation: You may be able to consolidate your debts and create a steady debt repayment plan as an alternative to bankruptcy. This option is best for those who do have a steady income and would still qualify for a debt consolidation loan. Although this can be expensive over the course of time, it will ward off the prospect of losing assets.
  • Better budgeting: You may be able to avoid bankruptcy through a complete reorganization of your budget and some serious lifestyle changes. If you can re-budget to focus completely on paying off your debts, you may be able to avoid bankruptcy.
  • Voluntarily liquidating assets: If you have anything of value that you would be willing to part with, such as a car, second home or stock portfolio, consider selling it to pay off your debts. Although it may be difficult to lose your possessions, you can start saving to repurchase once you’ve gotten yourself out of debt, and you will avoid bankruptcy.

Although too much debt and aggressive creditors can be intimidating, you do have options for improving your financial outlook. Call David Soble today to discuss your options.

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31800 Northwestern Hwy., Ste. 350
Farmington Hills, MI 48334