If you have found yourself overwhelmed with debt, you are not alone. At Karra L. Kingston Esq., we are dedicated to helping our clients find a debt relief option that is right for their individual needs. Two of the most common ways people can get out of debt is by bankruptcy or debt settlement.Below we will discuss each before you speak with a Staten Island Bankruptcy lawyer or Union City Bankruptcy lawyer.
- Bankruptcy People who are not able to pay back their debts may qualify for bankruptcy. Chapter 7 bankruptcy helps people eliminate their debt so that they no longer are liable for payments. Chapter 13 bankruptcy is for people who can afford to make payments but can’t afford to pay it back in such a short period of time. Both of these options allow people to start over and discharge their debt.
- Debt Settlement Another way to get rid of your debt is by settling the amounts you owe on your credit cards, personal loans and taxes with your creditor. If you have no ability to pay back your debts then lenders will be inclined to work out some type of pay arrangement so that you don’t have to pay it all back. Keep in mind that if you settle your debt for more than $600 you will be liable to the IRS. The IRS looks at the forgiven amount of debt as taxable income.
Consult with a Staten Island, New York Debt Relief Lawyer or Union City, New Jersey Debt Relief Lawyer Today
Our debt relief lawyer are available to help you determine which is the best route for your individual needs. Email our bankruptcy lawyers today at Karra@klkabnkruptcylawyer.com or Contact us at 973-979-9078 for a free consultation.
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