If you’re a resident of New York who’s been struggling with debt, you may wonder if there are any other options left for you outside of bankruptcy. There are, and Macco & Stern, LLP, Long Island bankruptcy attorneys, are here to help you find a solution.
Regardless of your current financial struggles, you can look into debt negotiation, workouts, and settlements. Some of the most popular methods of debt management that don’t involve bankruptcy include:
- Eliminating other mortgages based on your home’s value
- Settling unsecured debts for a portion of the debt itself
- Negotiating new mortgage modifications
Of the different types of debt faced by people, the two that push most people to filing for bankruptcy are mortgage debts, and unsecured debts such as credit card bills.
In many cases, creditors will be willing to work with you directly to negotiate lower debts that you can pay off, or debt repayment plans that are more realistic for you. The end goal of debt management that isn’t related to bankruptcy is still overall the same: to reduce your payments and make them more manageable so the creditors actually get paid. Negotiating directly just shaves off hassle and expenses on both ends.
If you’ve found yourself facing large amounts of debt but still wish to see what non-bankruptcy options are available for you, check out our webpage here on remedies for debt that you can turn to before you look at bankruptcy. There is more information available there, as well as points of contact for our experienced attorneys.