Alternative dispute resolution is the term used for substitute ways of solving a legal conflict. For example, mediation and arbitration are types of alternative dispute resolution. In many circumstances they can be alternatives to going to court, which is why they are known as alternative dispute resolution.
Alternative dispute resolution may be a substitute for going to court. If it is, you should consider which process might be less costly, faster, less stressful, and what outcome you might end up with. If you have bankruptcy issues, you can consider whether you want to suggest some kind of alternative dispute resolution rather than winding up in bankruptcy court.
In February of 2015, there was a daily average of almost 3,500 bankruptcy filings. Most of all chapter 11 debtors (90%) have less than $10 million in assets or liabilities,or in annual revenues, and 50 employees or fewer. Of all personal bankruptcies, 62% can be attributed to medical expenses. You should get advice about your situation before deciding whether to go to court or bankruptcy mediation.
Reasons to Use Alternative Resolution Methods
Don?t Be Afraid to Get Help
Alternative dispute resolution plans are not alternatives to advice. You almost always need good, informed legal advice before deciding how to best resolve a bankruptcy. This is especially true if there are time limits for taking legal action, if you are using mediation to reach a legally binding settlement. You may need advice as you go along ? in bankruptcy mediation, in particular, it?s worth checking with a lawyer between meetings to make sure that the outcomes you are discussing are fair.
So if you?re facing bankruptcy, don?t think you have no choices. Get legal advice today and see if there isn?t an alternative dispute resolution plan that can keep you out of the courts.