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Alternatives to Bankruptcy

New York Bankruptcy Lawyer

Bankruptcy can eliminate most or all of one's debt and provide one with a financial fresh start, but it is not for everyone.  Many people are intent on erasing their debt through some other means, and for them, there exist a variety of options that are designed to return one to financial solvency.  At Price Law Group, we provide many of these debt relief options for people struggling financially, such as debt settlement, debt negotiation, loan modifications, and foreclosure defense services.  Contact a New York bankruptcy lawyer at our offices if you are seeking an alternative to bankruptcy, and we will sit down with you in order to assess the option or options that best suit your financial situation.

 Some of the more widely utilized bankruptcy alternatives include:

  • Debt negotiation - Many creditors are open to negotiating favorable terms for the payment of one's debt, rather than risking no payment at all.  A debtor is frequently able to negotiate an installment agreement, lower interest rates on their debt, or a waiving of penalties and other related fees.
  • Debt settlement - Creditors are often willing to settle a debt for pennies on the dollar, allowing a debtor to give them one lump sum payment that is less than the original debt amount.  After receiving this payment, the creditors will consider the debt "satisfied," and the debtor will be free of any financial liability.
  • Credit counseling services - An individual can sign up with a credit counseling service who will work out a payment plan with the person's creditors on their behalf.  The person provides the service with a single payment each month, which is apportioned to their various creditors until their debts are considered satisfied.

Bankruptcy Alternatives for Those in Debt

There are many businesses that provide debt relief services as alternatives to bankruptcy.  Unfortunately, many of these businesses are only interested in making money, and do not look out for the best interests of the client.  If one is to have a strong chance of wholly freeing themselves from debt, they are best served by hiring an experienced attorney who can help them towards achieving their goal.

If you are in possession of considerable debt and are no longer able to meet your financial obligations, contact a New York Bankruptcy Attorney who can inform you of your debt relief options.

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