Though millions of Americans are dealing with the financial consequences of the economic meltdown we’ve all been living with, many of them are under the impression that you can only get out from underneath crippling debt with the help of a bankruptcy proceeding.
In fact, if you get the proper help in a timely manner, you may be able to completely and totally avoid dealing with a bankruptcy altogether. Using very specific bankruptcy alternatives, you may be able to get the exact same kind of clean slate and fresh start that you’ve been after – without having to deal with the long term financial impact that a bankruptcy would have on your permanent record.
Determining whether or not bankruptcy is right for you
Obviously, it’s critical that you get the right help and assistance in the very beginning stages of your bankruptcy process.
Some people will be in some very real financial trouble that can only be taking care of by moving forward with a bankruptcy, but others should be able to take advantage of a number of different bankruptcy alternatives. Here are just some of the alternatives that a bankruptcy attorney may be able to assist you with.
Debt settlement approach
Probably the easiest of all the alternatives to bankruptcy that you might decide to move forward with, a debt settlement program is basically where your bankruptcy attorney negotiates with your creditors to pay off your debt – it’s very frequently a lower number than it would have been otherwise.
For instance, if you have $50,000 in debt, the right bankruptcy attorney might be able to negotiate your debt down to $25,000 – a much more manageable number.
Debt consolidation approach
This approach is successfully accomplished by a bankruptcy attorney when they consolidate all of your different debts from different lenders and collectors, putting it all into a single “lump sum”. This allows you to take out a singular loan with a fixed interest rate to pay off the debt completely – allowing you to only focus on a single monthly payment (manageable monthly payment, at that) to dig yourself out of your financial fix.
Loan modification approach
Shockingly similar to the debt settlement solution, loan modification is almost always done on a case-by-case basis as far as your credit is concerned. Bankruptcy lawyers in will take the loans that you have already established and try to modify them to terms more friendly to you (but also acceptable to your lenders), providing you with the opportunity to pay them off at less than their original value. This approach can get a little bit messy, which is why you’ll want to team up with the right bankruptcy attorney Long Island service to help you out.
There are a number of other bankruptcy alternatives that you may or may not be interested in leveraging, but only the right bankruptcy attorney service will be able to assist you in this search. Make sure that you contact the legal representatives at Blutter & Blutter before you do absolutely anything else. With their combined 55+ years of experience in this specific area, you will be relying on the very best bankruptcy lawyers on Long Island – the kind of experts that can provide you with real results.