Bankruptcy Alternatives:
Explore Your Options

After sleepless nights and call, after call, after call from anonymous debt bandits you’ve found yourself considering bankruptcy, likely Chapter 7 but possibly Chapter 13 in Akron, Ohio.

The merciless debt collectors are one thing (blocking their number was actually pretty easy) but the internal stress and anxiety of wanting to pay your debts but not knowing how you’ll conquer such a massive pile of debt (how and when did my situation spiral out of control like this?) has led you to sit down at your computer, take a deep breath, and research filing bankruptcy in Akron, Ohio.

Paolucci Law is in business to help the people in Akron and Cleveland file bankruptcy as a way to start over and live again. We’re proud to call Akron, Ohio home and as we help our community get out from under piles of debts, we know you’ll soon get out there with a clear head and start contributing to the economy again. Soon after bankruptcy, you’ll start to save money and make those purchases you weren't capable of while in debt. As bankruptcy attorneys, our entire focus is helping you eliminate undeserved stress and insurmountable debt and, at the same time, helping Akron, Ohio become a stronger economy with people proud to live here.

It may feel as though bankruptcy is your only option to face your debt and most of the time it is a very good financial decision, but we want to share a couple alternatives to bankruptcy just so you’re informed with your options.

Alternatives to bankruptcy


If credit card debt is the main source of your debt, then debt settlement could be a feasible alternative to bankruptcy. Debt settlement is a negotiation with your creditors to settle on a balance that is mutually agreeable. For example, if one credit card has a balance of $15,600 then you could offer a one-time, lump payment of $8,000 to settle the debt. If they accept, you’ll have a certain number of days to pay your settlement. After your debt is settled, it’s no longer yours. It is important to have both you and your creditor settle the debt in writing, through the mail. Also, it is very important to include that you will settle the debt only if they agree (in writing) to erase the debt from your credit report.

Although debt settlement is possible to do on your own (without an attorney) it can be very stressful dealing with relentless creditors. Our bankruptcy attorney, Dean Paolucci also helps many people settle their debt if that’s the best financial decision for their situation. Dean knows how to talk to creditors and negotiates until he gets the lowest settlement possible. One obvious drawback to this method of eliminating your debt is that you need fairly quick access to a lump sum of money. It’s possible to reduce debt to 35-50% of its original balance.

There are thousands of debt settlement companies that show up in a quick Google search, but the debt settlement industry is largely unregulated so we recommend a licensed attorney and one that you can sit down and speak to face to face. If you’re near Akron, Ohio, Dean Paolucci is excellent at settling debt for his clients.


Sometimes debt consolidation can be confused with debt settlement but it is a completely different solution to eliminate debt. Debt consolidation is when you take out one large loan to pay all your debts. Then, you pay just one monthly payment to one creditor until the balance is paid in-full. The major benefit of this bankruptcy alternative is that the total interest repaid on the new loan is considerably less than the interest you would pay on several loans over the same time period. The bad part is that you are not getting rid of any of the debt.

Any decision to tackle your debts will be a life-changing decision for the better. The alternatives to bankruptcy and bankruptcy itself have varying levels of impact so it’s important to know the best option for your financial situation. Call us and after a review of your situation, we can help you figure out the best route to take to eliminate your debt.

Contact us and tell us your financial situation, bankruptcy can probably help you.

We stop debt collectors from calling you. Let us know if they're harrassing and we'll handle it.

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