Bankruptcy vs. Debt Settlement
Know Your Options for Debt Relief
There is more than one way of finding relief from overwhelming debt. At the Law Office of Simon Goldenberg, PLLC, we are dedicated to helping each client find the form of debt relief that is right for them. Bankruptcy and
debt settlement are two common means of handling excessive debts that you cannot afford to repay. Read below to see the pros and cons of each before you speak with a New York debt relief attorney from our firm to learn how we can help you find financial freedom.
Consumers who have no way to repay their debts in a reasonable amount of time may qualify for bankruptcy. Chapter 7 of the U.S. Bankruptcy Code allows consumers who have little to no income with a means of discharging their debts and starting over. Chapter 13 of the Bankruptcy Code is for consumers who can afford to make monthly payments, but who cannot repay their debts in a reasonable amount of time. Both options result in debt discharge, providing the consumer with relief from crushing debt.
Another way to have your debt discharged is by working directly with your lender to negotiate debt settlement. Lenders are much more understanding than you might think, as long as you can prove to them that you have no means with which to pay your debt in full. Once your lender understands this, he or she may agree to accept a lump sum that is less than the principle you owe. In such cases, your debt will be considered to be fully repaid and the remaining balance will be discharged. This is known as debt settlement and it can help you get out from under debt that you cannot afford to repay.
Consult with a New York Debt Relief Lawyer
Do not hesitate to speak with an attorney from the Law Office of Simon Goldenberg, PLLC if you are looking for debt relief. Our legal team will work with you personally to decide on and pursue a strategy for your individual goals. Contact us today to schedule your free initial consultation!