A Long Island Debtor's Alternatives to Bankruptcy

Bankruptcy is not always the right option for a debtor. That is why we consider it important to include information about potential alternatives to bankruptcy, which may help a debtor regain control of his or her finances while avoiding the extreme of filing for bankruptcy. Unfortunately, there is no easy way to get out of debt. However, there are some helpful tips you can consider that may help you get out of debt without resorting to bankruptcy. Following are some of the options that an attorney at our Long Island law firm can discuss with you in regard to your particular financial situation:

• Eliminating unnecessary expenses in order to dedicate more of your income to paying off debt
• Selling that second car, selling your home or asking a relative for a loan in order to pay off debt
• Negotiate with your creditors to see if you can settle your debts yourself, for less than you owe
• Working with Consumer Credit Counseling Services (CCCS), an agency that can offer you a plan for paying off debt as though through a Chapter 13 reorganization, without actually filing for bankruptcy
• If you're facing foreclosure, looking at alternatives such as a loan modification, short sale or deed in lieu of foreclosure

Of course, your particular options will vary depending on the amount of debt you are dealing with, your financial goals and your plans for the future. Some of the above options may not work for you, and chances are that if you are facing an extremely extensive amount of debt that bankruptcy may be the best option.

Bankruptcy Lawyer Serving Long Island

At Jacoby and Jacoby, we have more than 5 decades of combined legal experience to apply to your case. Our attorneys have handled more than 15,000 cases of this kind and have helped our clients eliminate millions of dollars in debt through the years. As the largest bankruptcy law firm on Long Island, we have the resources to properly represent your interests and assist you in making the right choices about your financial future.

To discuss potential bankruptcy alternatives, contact a Long Island bankruptcy lawyer at Jacoby and Jacoby today!