Debt relief and bankruptcy: What are the options?

On Behalf of | May 11, 2021 | Uncategorized

There are many ways to eliminate debt, and bankruptcy is just one of them. Depending on how much money you earn, the financial complexity of your case, and any legal issues that need to be addressed, other methods of debt relief could be a good choice.

Be wary, however, of the path you choose. The idea of debt consolidation, for example, can be tempting but unhelpful in the long term. If you are contacted by a debt consolidation service, they may pitch great numbers and give you expectations that simply aren’t in line with reality. Plus, you may end up paying far more for their services than you expect — and much more than you’d pay an attorney for their assistance.

Debt relief comes in many forms

Debt relief comes in many forms ranging from consolidating your debts with a personal loan to negotiating with creditors to reduce what you owe or eliminate late fees and fines. Your attorney knows about the different options that people can use to get out of debt, and they can talk with you about the options that you’d like to try. 

By working with an attorney from the start, you also have the advantage of an impartial eye. Your attorney can help you better understand whether something less than a bankruptcy will actually be effective. If not, then your attorney can walk you through the bankruptcy process so that you fully understand the pros and cons. 

Our website has more on bankruptcy and debt relief, so you can learn more about making the right choice for your situation. When debt becomes overwhelming, it’s time to seek help.