Can I Get Debt Relief Without Filling for Bankruptcy?

debt reliefAnyone who is struggling with debt might wonder what options are available to them. In this case it is always a good idea to talk to bankruptcy lawyers in Brooklyn NY about your options and whether or not it would best to file for bankruptcy. There are other options available as well.

Credit Counseling 

Some people may simply be unable to manage their money effectively. Credit counseling can help people budget and get a plan in place to pay down debt. This will help you figure out your options and learn how to handle your money more efficiently.

Debt Management

Some credit counseling also involves getting people into a debt management plan. The person makes a monthly payment that is then distributed to creditors. This arrangement should only be made through an accredited agency, and it is not always a good alternative to bankruptcy. This is a great way to see how much debt you have acquired and what it will take to pay it off.

Debt Settlement 

Debt settlement involves making a deal with the credit card company to have the debt forgiven as long as the person pays a lump sum. While this gets rid of the debt, there may be repercussions such as taxes on the amount paid. People might also be pressured to withdraw money from retirement accounts to pay a settlement even though that money is usually protected in a bankruptcy. Among the questions to ask a bankruptcy lawyer are about the advantages and disadvantages of this approach.


Sometimes, bankruptcy can provide a quicker financial recovery than the above methods. People who are struggling to afford necessities may want to consider bankruptcy. Bankruptcy may also stop foreclosure on a home. Bankruptcy paperwork can be complex, and errors can result in delays or dismissal, so it is important to get the assistance of a Brooklyn bankruptcy attorney in filing. Many people think it is impossible to rebuild credit after bankruptcy, but people can start improving their credit within the first two years after filing.

Ursulova Law offices, P.C.

Contact Ursulova Law Offices, P.C. to find out how our NY Bankruptcy Attorneys can help you today. Our offices are located in New York, Brighton Beach, Brooklyn and Garden City.


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