Alternatives to Bankruptcy in Queens, NY
Are you considering bankruptcy? You may feel as though you have no other options or want to consider other options such as debt settlement or debt consolidation. Creditors and debt collectors may be calling you constantly. Some might even be threatening you with repossession, foreclosure, or a lawsuit. If they win, they could garnish your wages or even freeze your bank account. With debt settlement, the attorneys representing the banks and credit companies recognize that our office are bankruptcy attorneys and they gives us more leverage to settle with them for a lower amount. They know if settlement is not obtained, they may lose the opportunity to recover any money due to a threat of the bankruptcy filing and the fact that you have retained a bankruptcy lawyer. The fear is real.
Bankruptcy is a powerful solution for people who are struggling to manage overwhelming debt and hoping to avoid the above consequences. But it isn’t always the best option. At the Law Office of Seni Popat, we understand that every client has unique goals, financial circumstances, and other factors that require a customized debt-relief strategy. Bankruptcy may be a smart move for some, but it also comes with certain consequences, and we will only recommend it if we feel it is right for you.
If you are hoping to avoid bankruptcy, we may be able to work directly with your creditors and lenders to improve your financial situation. We can help reduce the balance of the debt and work out a repayment plan with zero interest or late fees.
With help from Attorney Seni Popat, you may be able to benefit from a:
- Repayment plan (i.e. turning a lump sum into a series of payments over time);
- Loan modification (e.g. extending the terms, lowering the interest rate, etc.); or
- Settlement (i.e. forgiving a certain portion of what you owe).
Contrary to popular belief, creditors and lenders may be flexible in what they expect from debtors. Unsecured creditors are particularly likely to arrange payment plans or modify loans, as bankruptcy could potentially eliminate the debtor’s liability for unsecured debt (i.e. payday loans, credit card debt, medical bills, or any other type of debt not secured by collateral). As a result, avoiding bankruptcy may be a goal for both you and your unsecured creditor.
Even your secured debt (e.g. mortgages, automobile loans, etc.) may be modified in certain situations. Generally, you will have the highest likelihood of modifying the terms of your secured debt if you contact your lender before you miss a payment. Once you miss payments, you run the risk of foreclosure.
Ending Creditor Harassment
Debt collection and creditor harassment are not the same. Debt collection is the standard, legal process of making collection calls, sending letters, and even filing suit to collect what is owed. Creditor harassment, however, is any collection attempt that breaches the debtor’s rights under the Fair Debt Collection Practices Act (FDCPA) and other state protections.
Under these protections, debt collectors are not permitted to lie to you, threaten you, verbally abuse you, or commit any other actions that constitute harassment. If you believe a debt collector has engaged in creditor harassment, you don’t need to file bankruptcy to stop them—you have legal recourse.
Our attorney at the Law Office of Seni Popat can determine whether the collector has violated your rights and, if so, hold them accountable in a court of law. In some cases, the compensation a debtor obtains through this type of lawsuit is enough to cover their debt.
Increasing Income & Reducing Expenses
When you are struggling to make ends meet because of debt, you may consider several actions that could relieve some of the pressure.
You could potentially reduce expenses and increase income by:
- Selling some of your assets
- Finding a more affordable home
- Obtaining a second job
- Requiring children in your household who are 18 or older to pay rent
- Taking online courses to qualify for a higher paying job
- Requesting a promotion and raise
- Cutting unnecessary expenditures
When facing serious financial adversity, cutting back on expenses may not suffice. However, employing a combination of bankruptcy alternatives can help you improve your financial situation without going through the legal system.
Let’s Develop the Plan You Need
At the Law Office of Seni Popat, we are fully prepared to assess your situation and determine which legal and financial remedies may be right for you. Attorney Seni has represented hundreds of clients in situations like yours, and his experience allows him to fully customize his services, work with efficiency and accuracy, and resolve issues even before they arise.
Whether you file bankruptcy, negotiate with your creditors, end creditor harassment, or adjust your monthly earnings and expenses, we have the skills you need to accomplish your goals. Call (718) 340-3385 or contact us online to get started today.
I had the pleasure of working with Seni Popat. He is a Top Professional!- I Gie – via Google
Law Office of Seni Popat is the place to get help.- Willie Kornegay - via Google
He is very knowledgeable, professional, helpful and was readily available to guide me and advise me through the filing process.- James Potter - via Google
Seni was absolutely fantastic.- Nicole H. - via Google
Mr. Seni Popat is THE BEST bankruptcy lawyer there is.- Yasmeen Smith - via Google