Bankruptcy vs. Other Debt Relief

You have several options available to you when it comes to debt relief. There are many companies nationwide that offer "debt consolidation" or other debt reduction services. These usually advertise a promise to make your debt more easy to manage, allowing you to make one larger payment instead of several small payments to different entities or entice customers with offers to reduce overall debt. Fees for these services may vary widely. There are also many television and radio personalities offering "self-help" programs and easy steps to reducing or eliminating debt. However, many of the clients that come in to our office to file bankruptcy have first attempted some type of debt consolidation or other debt relief program. These clients often express a disatisfaction with these programs with no reduction in their overall debt.

Although many people may instinctively recoil from the idea of filing bankruptcy, no other debt relief option can provide the legal protection from creditors and provide for complete elimination of unsecured debt. Chapter 7 bankruptcy forgives your debt burden of tens and hundreds of thousands of dollars. Chapter 13 can significantly reduce your debt burden and establish a plan for repayment over several years. To learn more about bankruptcy as a debt relief option, contact our office to speak with bankruptcy expert Randall Kehoe, an attorney helping clients in Schenectady and throughout the Capital Region file for bankruptcy protection since 1990.

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