Debt Settlement in Queens
Bankruptcy Alternatives: Debt Settlement
Debt and its effects on your home, business, job, or family can seem impossible to overcome, but there are ways to manage your debt and get your life back on track. One option is debt settlement: individuals can work with their creditors to lower the amount of unsecured debt they owe. They then pay off that new balance in full or in monthly installments. “Unsecured debt” means that nothing is attached to the loan that a creditor can reclaim as payment. Examples include:
- Student Loans
- Medical Bills
- Credit Cards
- Personal Loans
Your home and your car are not included as unsecured debts and cannot be settled.
Debt Settlement Pros and Cons
Debt settlement can help you by wiping out part of your debt, leaving you with a manageable monthly payment plan. It often gets rid of the interest and late fees associated with your outstanding balance, and it also allows you to pay off your debt faster than other options like Chapter 7, Chapter 11, or Chapter 13 bankruptcy.
There are certain drawbacks to debt settlement, too. It will bring negatively affect your credit rating, and the amount of money waived during the settlement will show as income so you must pay taxes on it. However, you may find that the side effects of debt settlement are outweighed by its advantages. A Queens bankruptcy attorney can help you determine if your debts qualify for debt settlement, and if it is the best choice for you.
Be sure to understand the potential risks of debt settlement before committing to this course of action.
Queens Bankruptcy Lawyer
When you start to consider your bankruptcy alternatives, including debt settlement, bring in a professional bankruptcy attorney in Queens to help you make sure you are choosing the best option to get out of debt. Working with the Law Offices of Bruce Feinstein, Esq. means that you will have a team working for you and supporting you along the way. The firm will fight aggressively in your defense so you can get a truly manageable settlement from creditors. You should not have to take on the difficult task of facing off with a collection agency alone. Living with debt is hard enough, so make sure you have an experience bankruptcy attorney on your side. Whether it is filing for bankruptcy or using an alternative like debt settlement, the firm will get you on the path to relief quickly.