CHERRY HILL, NJ LAWYER HELPS YOU SETTLE OR CONSOLIDATE YOUR DEBT AND GET ON THE ROAD TO A FRESH FINANCIAL START
When you get in over your head financially, it’s understandable that you are stressed out, frustrated, angry and, even, embarrassed. It’s important to recognize, however, that regardless of how you got to where you are today, the fact that you are reading this page means that you are already taking steps to better your situation.
Just because you find yourself in significant debt, it doesn’t mean bankruptcy is your only solution. There are many alternatives to filing for Chapter 7 or Chapter 13. There’s debt negotiation, debt consolidation and debt settlement, to name a few. Contact a skilled and knowledgeable lawyer who has helped countless residents of Camden, Gloucester and Burlington counties in New Jersey get the debt relief they so desperately need.
CONTACT NJ BANKRUPTCY ATTORNEY JOEL R. SPIVACK ABOUT DEBT SETTLEMENTS & DEBT CONSOLIDATION
Debt consolidation and debt settlement are two common ways people attempt to deal with debt. Whichever option you choose, you need a skilled and knowledgeable debt reduction lawyer who regularly advises clients in Voorhees, Haddonfield, Pennsauken, Collingswood and throughout Camden County, NJ. You may have gotten into debt on your own, but you need an experienced lawyer to help you get out of it.
The main difference between settlement and consolidation is this: if you choose to consolidate your debt, you will be reducing the number of creditors you have to pay. Conversely, if you opt for debt settlement, you will be looking to reduce the amount of actual debt you owe.
Obviously, both alternatives to bankruptcy are made in an attempt to get you out of debt and on the fast track to a healthier financial life. However, while there are some similarities between the options, there are also major differences. Mr. Spivack will explain your options in detail and help you choose the best choice for your family. Further, if you determine that bankruptcy – either Chapter 7 or Chapter 13 – is in your best interests, rest assured Mr. Spivack can help. For more than 25 years, he has guided clients in Gloucester City, Bellmawr, Lindenwold, Clementon and throughout NJ successfully through bankruptcy.
WHAT ARE THE MAIN DIFFERENCES BETWEEN DEBT CONSOLIDATION & DEBT SETTLEMENT?
Debt Settlement: Joel Spivack will reach out to your creditors in an effort to negotiate a settlement plan. At the core of the plan will be you paying a portion of what you owe instead of the entire amount. If the creditor accepts an offer, your debt will be marked paid. To be successful at negotiating a debt settlement, you will need to pay the negotiated lump sum amount up front. This means you may have to apply for and secure a loan. When you are in debt, this may be very difficult to manage.
Debt Consolidation: With this option, you must take out one loan – usually at a lower interest rate than the terms of your existing loans. All of your current loans will be paid off with the one new line of credit and you will have one bill to pay each month. Not only does debt consolidation tend to reduce stress, it also streamlines your financial situation making it easier to manage on a monthly basis.
The bottom line is this: if you consolidate your debt, you will pay one creditor for a longer period of time. You may also have to put up collateral to get the consolidated loan; if you default, you will lose the collateral. When you agree to debt settlement, you will no longer owe that creditor money. However, your credit report may take a bigger hit.
JOEL SPIVACK EXPLAINS WHY HIRING A LAWYER IS YOUR BEST CHANCE AT NEGOTIATING DEBT CONSOLIDATION OR DEBT SETTLEMENT IN NJ
By definition, if handled correctly with a skilled Cherry Hill, NJ lawyer like Joel Spivack, both settlement and consolidation will save you money. It’s important to note, that neither option erases your debt completely.
However, if your objective is to lower the amount of money you owe, or to streamline your financial life so it’s easier to manage, there are several reasons you should work with an experienced bankruptcy lawyer. Consider that the word “bankruptcy” is unnerving to many unsecured creditors. When a lawyer contacts them to negotiate debt – whether it’s to consolidate or settle – the creditor is apt to realize that “something may be better than nothing.” They are more likely to take the effort seriously; after all, you hired a lawyer, that must mean you are taking real steps to manage your debt. They know that if you file for bankruptcy protection, it’s unlikely they will be getting repaid at all. Mr. Spivack can also help you apply for and possibly secure a loan to consolidate your debts.
As an experienced Cherry Hill debt settlement attorney for more than 25 years, Mr. Spivack has helped thousands of people in Camden County, NJ, get debt relief through bankruptcy. He understands the challenges and stresses associated with overwhelming amounts of debt. Whether you are considering debt consolidation, debt negotiation or filing for bankruptcy protection, Mr. Spivack can help.
NEW JERSEY BANKRUPTCY ATTORNEY OFFERS FREE CONSULTATIONS TO CLIENTS WHO NEED DEBT RELIEF
It’s understandable if you are overwhelmed by your debt. That’s why you need a calm, reassuring and experienced lawyer to guide you through the debt relief process. Joel R. Spivack Esq. never backs down to a challenge. Countless clients have found comfort in his detail-oriented approach to debt management.
Contact his Cherry Hill, NJ office today for a free consultation about your debt. Trust Mr. Spivack’s proven track record of success. He will be there for you every step of the way.