Submitted by Patrick Schaefer on Tue, 11/19/2013 - 7:44pm
At my practices in Brooklyn and Long Island, I have represented thousands of people through financial crisis, and although the individual set of circumstances differ, there are a few common themes. In fact, I’ve found that when most people are faced with mounting bills and desperately want to get out of debt, they want to pay! They first start to haphazardly send in minimum payments – maybe a few dollars more – until they come to the realization that their debt is not decreasing and all of their hard earned money is going to interest payments and late fees. Their desperate search for a solution then turns toward a comparison of Chapter 13 bankruptcy and debt settlement companies. There are real differences between debt settlement and Chapter 13 bankruptcy. The trick to learning what is in your best interest is getting a free consultation with a qualified attorney and getting past the myths about bankruptcy and analyzing the two different options.
Nicole R from Suffolk County was dead set against bankruptcy until she got tired of throwing away her money and was driven into my office – Doyaga & Schaefer. Nicole and her husband had previously filed a Chapter 7 bankruptcy. After their bankruptcy, they had a child and bought a home. But when Nicole lost her job as a video editor, their family amassed $70,000 in credit card debt. Nicole was tough and had lots of great questions. We discussed all her concerns and she ultimately made the decision to abandon her effort through debt consolidation and file for Chapter 13 bankruptcy. Below are some of her concerns: