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Bankruptcy Attorney in Long Island

Alternatives to Filing for Bankruptcy

While bankruptcy can be a very effective method of erasing one's debt and returning one to financial solvency, it is not for everyone. For those unwilling or unable to file for bankruptcy, there are many alternatives available that can provide one with opportunity they need to obtain a financial fresh start. Some of the most common bankruptcy alternatives include:

  • Debt Consolidation - This method consolidates all of your separate debts into one large loan. You would then be responsible for making one payment each month to your creditors.
  • Creditor Negotiation / Settlement - Creditors are often open to negotiating a payment plan for one's debt in lieu of being paid in full. Additionally, they may agree to settle the debt for a lump sum amount that is less than the total debt amount owed. An individual can pursue these options on their own, or enlist the help of a debt settlement/negotiation agency who deals with the creditors on the person's behalf.
  • Credit Counseling Services - A credit counseling service aids an individual in debt by working out a payment plan with that individual's creditors. A monthly payment is then given to the service by the debtor, where it is promptly apportioned out to the person's various creditors until their debts are fully satisfied. Such agencies will often negotiate with a creditor to accept a payment that is less than the full debt amount owed or to waive any additional fees or interest.

Contact a Long Island debt relief lawyer from our firm!

Are you facing a situation where your expenses are consistently higher than your income? Have you fallen behind in paying your mortgage, loan payments and other debts? Have just stopped paying some of your bills altogether? You need to know that there are many alternatives available for debt-relief that will create less long term damage to you credit than bankruptcy. A Long Island bankruptcy attorney from the Law Offices of Scupp & Berman, LLC, can work with you to review all possible alternatives. By doing this, you will be able to rest assured knowing the decision that you make is the best one for you.

If you are experiencing considerable financial hardship and are in need of help, contact a Long Island bankruptcy lawyer from our firm today.