Debt Relief vs Bankruptcy – What’s The Right Solution For Me?

Generally, Debt Relief is the general term used for getting a fresh start from your debt.  Bankruptcy can be one of the ways to get a fresh start from debt.  As a debt relief attorney I help clients settle their debt for less than they owe, file bankruptcy, defend credit card lawsuits, stop a foreclosure, or reduce their tax liability.  Those debt relief options are personalized and there is not one option that will work for everyone.   That is why it is important to talk to a professional and a team of professionals that can provide you with all of your options.  

We have a dedicated team of attorneys, CPA’s, accountants, and professional staff.  Oftentimes, when clients use the term debt relief we are talking about options that don’t involve bankruptcy.  Many times this would be an Offer in Compromise with the IRS, or settling a credit card debt or lawsuit for less money.  Many times making a lump sum payment or creating a payment plan.  

Bankruptcy generally allows my clients to start fresh without repaying the unsecured debt or paying a portion as required.  We walk all of our clients through each one of these debt relief options.  We go over the benefits of each solution.  For example, a chapter 7 can clear all of your unsecured debt like credit cards, personal loans or medical bills in 4 months.  It can allow you to keep your home, car, retirements, and paycheck.  

Bankruptcy can stop a lawsuit.   Debt settlement can allow you to reach an agreed upon amount with your creditor and allow for a longer repayment period or lower interest than what was previously offered.  We help clients make these decisions and determine the best course of action to get debt free.  We offer payment plans for all of our debt relief services so you can make the best decision for your financial freedom.  Call our office today to set up a free consultation. 

If you have any questions about the topic discussed in this article, or any bankruptcy law matter, please give us a call at Bononi & Company 724-832-2499.


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