Debt Consolidation vs. Settlement

Queens Bankruptcy Attorney

Debt consolidation and debt settlement are alternatives to bankruptcy that should be explored before deciding how to resolve your financial problems. Debt consolidation is a method of eliminating your bills by acquiring a large loan to pay off smaller bills. Although the loan is usually secured, the interest rates are typically lower than what a person is currently paying. The benefits of debt consolidation include only making one payment per month and reduced interest rates. Debt settlement involves negotiating with creditors to reduce the amount of money you owe and, once a settlement has been reached, paying off the new balance in full. Some of the advantages to debt settlement are:

• A reduction in the total amount of money owed
• Lower interest rates
• Accrued interest reduced or eliminated

Which solution is right for you will depend on many factors, including your ability to acquire a secured loan or pay off a percentage of your unsecured debts after a settlement has been negotiated. Seeking advice from a Queens bankruptcy lawyer can make the decision-making process easier and ensure that you chose the best possible remedy. If consolidation or settlement isn't an option, an attorney can discuss other alternatives that can help you eliminate your debts.

Getting out of Debt

There are many ways to reduce your debts and stabilize your financial condition. Blutter & Blutter is a knowledgeable law firm that has provided legal advice to clients in Nassau, Suffolk, Queens and Kings counties for many decades. The firm has represented thousands of individuals in many different types of cases, including bankruptcy Chapter 7, 13 and 11, as well as foreclosure defense and tax matters. The firm is sized to provide personal attention to clients with the ability to tackle complex and diverse legal issues.

Contact a Queens bankruptcy lawyerfor qualified legal counsel and representation if you are burdened by too many debts.