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Why is debt relief best navigated with professional guidance?

New Jersey consumers who find themselves in situations in which they are unable to pay even the minimum required amounts on their credit cards may desperately be seeking remedies to resolve their financial dilemmas. There is never a shortage of advice for quick-fixes from friends, family and the media; however, some debt relief options may exacerbate the problem. Seeking the help of a professional may provide the desired results.

Options that are available include the services of a credit counselor who can arrange the consolidation of debts. The counseling agency then negotiates reduced amounts with creditors and drafts a repayment plan. This is a long-term plan that will not protect the debtor from creditor harassment and other legal actions by creditors. Choosing an agency requires careful consideration because debt consolidation scams are prevalent.

Negotiating settlements for lesser amounts is another option. The level of relief obtained typically depends on whether lump sum payments or repayment plans are offered. Considering the tax consequences of debt settlements is also important. However, the only option that provides protection against creditor action is personal bankruptcy.

An experienced New Jersey bankruptcy attorney can provide the necessary information related to debt relief and the different options available under the U.S. Bankruptcy Code. A lawyer can assess the financial circumstances of a client and suggest the most appropriate way forward. This may be either liquidating assets to pay creditors in a Chapter 7 bankruptcy, or repaying debts over an extended period in a Chapter 13 bankruptcy. An attorney can also explain the details about which debts may be discharged, and with the guidance of a professional, a debtor may have the opportunity to start rebuilding a stable financial future.

Source: lawndalenews.com, "Dealing with Debt", Zalutsky, Pinski, March 10, 2016

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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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