Bankruptcy Alternatives in Queens
Is Bankruptcy Your Only Option?
If you find yourself faced with bills you cannot pay, you should review all your debt relief options. There is no one path to follow when you want to get rid of debt. It is important to consider outlets such as filing for Chapter 7, Chapter 11, or Chapter 13 bankruptcy. It may be more appropriate for you to go through a liquidation process (Chapter 7), or to restructure your debt (Chapter 11 and 13). It is also important to review alternatives to bankruptcy before making a final decision. These may include debt settlement, debt consolidation, or loan modification.
Also known as debt negotiation, debt settlement allows you and your creditor to agree upon a lower amount of money owed. The new reduced balance is paid off in full.
The debt consolidation process involves taking out one loan in order to pay off multiple debts. This new loan is often secured at a lower interest rate, or a fixed interest rate, creating a more manageable debt payment plan.
A loan modification changes the terms of a mortgage loan in order to make the loan payments more affordable to the homeowner and avoid the risk of foreclosure.
All forms of debt relief have certain advantages and disadvantages that must be considered. Certain options will be better for you depending on the kind of debts you have, how much you owe, and other details of your financial situation. A Queens bankruptcy attorney can help you review all the options you have so you can be sure you a taking the right approach to getting out of debt.
Queens Bankruptcy Lawyer
When facing rising amounts of debt, you need a reliable attorney who will be able to help you navigate your debt relief options and find the one that suits you best. At the Law Offices of Bruce Feinstein, Esq., offering personalized service is a top priority. The firm knows the details of Chapter 7, Chapter 11, and Chapter 13 bankruptcy, as well as bankruptcy alternatives. Their experience is important when it comes to finding the best ways to help a client reduce, or even eliminate their debt. The firm is ready to come to your defense and assist you through every step of the process – from fighting to save your home or business to making sure the right paperwork is filed. Every detail counts, and gets you one step closer to living debt-free.