Macco Law Group, LLP

Is bankruptcy the only method of relieving debt?

Is bankruptcy the only method of relieving debt?

Many people living in New York are struggling with debt just like you. Macco & Stern, LLP, are here to help if you’re beginning to ask yourself if bankruptcy is the only way you could possibly dig yourself out of the financial struggle you’ve become embedded in.

Fortunately for you, debt relief comes in all forms. Bankruptcy is one of the most well-known ones, but the downsides can be vast. You could have to liquidate valuable items like your car or even house, or you could end up damaging your credit score and making it difficult to finance big purchases in the future.

Debt relief can also come in the form of workouts and settlements, though. This often takes the help of a law firm with a history of successful negotiation with creditors, who can be tough to work out settlements with. Good credibility and assertive negotiation tactics are a good way to get creditors to work with you and your financial needs. This way, you can work out things like mortgage modifications, as well as settling unsecured debts or credit card accounts.

In the end, this could be a good option to look into if you don’t want to take the rather extreme risks that can go hand-in-hand with bankruptcy, but are still struggling to stay on top of your payments and bills.

You don’t have to be left high and dry with your financial troubles, and bankruptcy doesn’t have to be your only option, either. You can take a look at our webpage on nonbankruptcy remedies and bankruptcy workouts, linked here, to learn more about your many potential options.