Misleading advertising by the credit industry leaves many people believing that bankruptcy is not an option. The "solutions" they suggest such as debt negotiation or consolidation can actually prolong your debt for years to come.

Seek advice from a bankruptcy attorney before talking with a debt reorganization or consolidation company. At Goldman & Beslow, LLC, our attorneys know the bankruptcy laws and can help you avoid becoming a victim of misconceptions created by debt consolidation companies that place their interest ahead of yours. Contact our bankruptcy attorneys today for a free initial consultation.

How Does Debt Negotiation and Consolidation Work?

If you owe a large debt to a single creditor, our lawyers may be successful in negotiating with the creditor for a resolution of your debt. As attorneys who also file bankruptcy, we can explain to the creditor that if you file bankruptcy, it will receive nothing.

If you owe debts to several creditors, however, negotiations are more difficult and are not likely to be successful. Many creditors refuse to negotiate, and debt settlement negotiations can break down if a single creditor balks.

Even if negotiations are successful, you may receive a 1099 from the creditor for the amount of debt forgiven. Forgiven debt is taxed as ordinary income.

Debt consolidation companies typically ask you to make payments for several months before they will negotiate with creditors. By then you will be even further in debt and your creditors could take legal action against you.

Bankruptcy offers the following advantages over debt consolidation:

• Bankruptcy provides immediate relief from adverse creditor actions.
• You don't have to negotiate with creditors.
• Bankruptcy provides a complete discharge of unsecured debt.
• Debt discharged by filing bankruptcy is tax-free.
• You have the full protection of federal bankruptcy laws.

Contact Our Jersey City Debt Negotiation Attorneys

Let us get you back on your feet so you can get on with your life. Call our experienced Newark debt consolidation and bankruptcy attorneys today for a free one-half hour consultation at 973-677-9000 or 888-827-5493. Our lawyers serve Essex, Union, Hudson, Passaic, Bergen, Morris, Middlesex, Sussex and other New Jersey communities.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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• Dear Mark:

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• To Goldman & Beslow, LLC and Staff

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