Rosenberg, Musso & Weiner, L.L.P., located in Brooklyn, New York
If you are burdened with debt, you may be considering bankruptcy and wondering if it is the right financial strategy. We have provided the following frequently asked questions regarding bankruptcy to help you begin to understand the law and your options. Please don’t hesitate to contact us to learn how bankruptcy can help you get a fresh start.
Please note: The use of this website and the information contained herein is intended solely for informational purposes and should not be construed as legal advice. Please consult competent legal counsel regarding any legal matter.
Are there any debtor options short of bankruptcy?
Any decision to file for bankruptcy should be given serious consideration as bankruptcy may reduce future options and can impact credit ratings and employment opportunities. Depending upon your individual situation, alternatives may include informal debt negotiation or contractual agreements.
Informal Negotiation
Sometimes the easiest way to handle debt is to contact the creditor and try to work out a schedule of continued payments at a lower rate or longer term, or even to stop payments and repay interest only for a period of time. This type of renegotiation can help both the debtor and creditor as it can preserve the business relationship and save the creditor money on legal fees.
Workouts
A workout is a more formal modification of a debt agreement, usually involving a restructuring of debt or possibly discharging a portion of it. Workouts can take a bit of negotiation, with both the creditor and debtor willing to comprise and be flexible.
Read more questions about bankruptcy.
Contact us
An experienced debtor-creditor attorney can help you determine whether filing for bankruptcy or an alternative negotiation or workout is in your best interest. Contact a bankruptcy attorney at Rosenberg, Musso & Weiner, L.L.P., located in Brooklyn, New York. Call our office at (718) 855-6840 or (800) 297-6840 to set up an initial consultation and find out what we can do for you. Or, complete our online contact form in order to give our bankruptcy lawyer more information about your individual finances.
