Bankruptcy vs. Debt Negotiation - What's Right For Me?

When struggling to pay off large amounts of debt, you may consider bankruptcy as well as debt negotiation. While both can help you take control of your financial future, the best option will depend on your unique circumstances. If you’re ready to take action, contact our Brevard County bankruptcy lawyers today to find the best option for you.

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For those who are struggling with large, unmanageable amounts of debt, bankruptcy is often the best option. This includes both Chapter 7 bankruptcy, for complete liquidation of debts, as well as Chapter 13 bankruptcy, which essentially creates a structured payment plan. There are drawbacks to bankruptcy, so it is not to be taken lightly. For those who qualify, however, bankruptcy can be the best way put the past behind them.

Benefits of choosing bankruptcy include:

  • Your debt will be eliminated, or structured into a manageable plan
  • You will be protected from creditors
  • You will be able to keep your house

Debt Negotiation

Debt negotiation can be a valuable tool for people to reduce their debt burden, or to structure it into a more manageable payment plan. While this option does not clear out your debt the way Chapter 7 bankruptcy can, it can be a valuable tool to help you regain control of your finances without court involvement.

Benefits of debt negotiation include:

  • Your credit will not be impacted
  • You may keep your credit cards
  • Your debt is simplified
  • Lower interest rates / monthly payments

Which One Is Right For Me?

For some people, the choice between debt negotiation and bankruptcy is obvious. For others, the decision can be a difficult one. For this reason, it is crucial to consult with the Brevard County bankruptcy attorneys at Buchalter Law Group. Our experienced team can take the time to learn about you and your unique situation, and can help you identify the best options.

Don’t wait to get started. Call us today at (321) 320-6088 to learn how we can help you.

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