Brooklyn Debt Consolidation Attorney
How debt consolidation and negotiation can provide you with the debt relief you need to avoid filing bankruptcy in New York
If you have a steady job and a mountain of debt, you may be considering filing for a Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, debtors pay off all or most of their bills according to an established payment plan supervised by a bankruptcy court. Payment plans generally cover a three-to-five year period of time and must be approved by all creditors when the bankruptcy petition is reviewed. If approved, a court-appointed trustee receives a monthly payment from the debtor and distributes assets to creditors based on the stipulations outlined in the payment plan.
However, debt consolidation can have a similar result, without the expense, formality and negative impact of filing a bankruptcy petition.
We can negotiate your debts
If you have failed to make regular, timely payments to your creditors, our debt consolidation attorney can negotiate with your creditors to reduce the balances you owe and/or negotiate an extended payment plan to make paying your debts more affordable.
In general, creditors are unwilling to combine these alternatives. In other words, if a creditor accepts an extended payment plan, the creditor is unlikely to reduce the balance due. When a creditor is willing to reduce the balance by 25 percent to 50 percent, the creditor generally demands that payment be made in a lump sum.
To take advantage of balance reductions, we can help you meet the lump sum opportunities by arranging for a debt consolidation loan. This loan, replacing some or all of your unsecured loans, can be used to pay off your multiple creditors and leave you with one payment to make each month that is less than the total payments you were supposed to be making to all of your creditors.
Thus, without filing for bankruptcy and without incurring the negative effects that a bankruptcy might have had on your credit reports, your creditors can be paid off and you can have manageable payments.
If you need relief from a mounting pile of bills, let our Brooklyn debt consolidation attorney help you lower your payments
If you live in the New York City area, contact the Law Office of Gregory Messer online or at 718-717-2368 to schedule a free initial consultation. Our office is located across the street from the U.S. District Bankruptcy Court in Brooklyn and is close to the Borough Hall and Court Street subway stations. We serve residents throughout Brooklyn, Bronx, Manhattan, Staten Island and Long Island.
To ensure every client receives the personal attention he or she deserves, we are an appointment-only law firm with flexible hours adjustable to fit your needs.