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Ariano & Associates, PLLC – Debt Settlement v. Bankruptcy

Debt is hitting more and more United States residents each year. Our younger population is experiencing debt very early in life, and such debt may continue to follow them for years or decades. Credit card debt is a common culprit that leads consumers to file for bankruptcy or seek alternative ways to eliminate their debt. However, it is not just credit cards that plague individuals today. Medical expenses, home loan debt, auto loan debt, and other personal loan debt are also the cause of many bankruptcy filings.
No matter what the nature of a particular debt is, and how much you owe, there is an option out there for you. The Debt Settlement Attorneys of Ariano & Associates, PLLC have helped their clients successfully eliminate debt both through the bankruptcy process as well as through debt settlement and other debt-elimination methods. Our attorneys have seen a variety of financial situations that result in a different plan from client to client.

How Do I Know if Bankruptcy is Right for Me?

Some people are convinced that bankruptcy is the right step to take in order to eliminate debt. While this may be true, it is still important to get the advice of a legal professional. Bankruptcy is a great debt-elimination tool for those who really need it. The process does lower your credit score, but it also enables you to rebuild your credit after eliminating your debt, so that your credit score can improve. Further, the bankruptcy process can take anywhere from four to six months for Chapter 7, and four or more years for Chapter 13. Overall, the bankruptcy process is not that long considering how long it may take you to pay off your debt without bankruptcy, but it does take longer than the debt settlement process.

Debt settlement enables you to eliminate certain debt quickly by paying a lump sum, or installment payments to satisfy a negotiated balance. Debt settlement often allows individuals and businesses to pay off debt at a lower amount than is currently owed. Creditors would much rather settle debts and get what they can now as opposed to possibly receiving nothing as part of a bankruptcy proceeding.

If you have a steady income, but are having trouble making ends meet, it is important to consider debt settlement and other debt-elimination methods as alternatives to bankruptcy. If you are able to eliminate some of your debt without resorting to bankruptcy, it may be better for your financial future. However, if alternative options do not work, bankruptcy is still certainly a viable option to help you eliminate your debt.

Why You Should Speak with an Attorney

To determine what method of debt-elimination is best for you, an attorney will need to evaluate your current financial situation. Your income, amount of debt owed, and the type of debt owed are all variables that are taken into consideration. An attorney can provide you with the pros and cons of filing for bankruptcy, as well as the pros and cons of debt settlement and other debt-elimination methods. Despite the abundance of information available online, it is still advisable to speak with an actual attorney to make sure the information you are reading online is accurate.

Contact the National Debt Settlement Attorneys of Ariano & Associates, PLLC Today

There are a variety of ways to eliminate debt depending on your particular financial situation. While bankruptcy may be the best option for some, debt settlement or credit counseling may be a better option for others. Regardless of what type of debt you have, and how much you owe, speaking with an attorney will provide you with the guidance you need to choose an option that works best for you. Ignoring debt only makes the situation worse. Act now by speaking with one of the Bankruptcy and Debt Settlement Attorneys of Ariano & Associates, PLLC. Our skilled attorneys provide bankruptcy, debt settlement and other debt-related legal services to clients from all across the United States. Having received a number of positive online reviews, Ariano & Associates, PLLC takes pride in ensuring each client receives the legal representation and customer service that they deserve. To schedule your free consultation, contact the Bankruptcy and Debt Settlement Attorneys of Ariano & Associates, PLLC today by calling (888) 919-5569.