What Can I Do With All This Debt?

If you live in New York, and being overwhelmed with debt, there are a number of ways that a good debt lawyer can help.

Debt is a fact of life for most Americans. When times are good, most people can keep a handle on it. But when things change (getting sick, losing your job, divorcing, etc…), it’s easy to become overwhelmed. There are several kinds of debt, and each have their own unique challenges.

• medical debt
• student loan debt
• credit card debt
• tax debt
• business debt
• housing debt (mortgages and rents)

Medical Debt

Even if you have a good insurance plan you can suddenly find yourself owing hundreds of thousands of dollars in medical bills. One bad car accident or a long-term illness can leave you in an incredible about of debt. And with debt comes and endless cascade of paperwork and claims and calls – all when you’re dealing with your own trauma. This is when it pays to reach out to a medical debt lawyer. Your lawyer can review your medical bills, talk directly with your insurance company, negotiate with your doctors, and stand by you in court if the process gets that far, which it might. “Hospitals are among the nation’s most aggressive debt collectors, filing hundreds of thousands of lawsuits against patients in the past decade” https://www.cbsnews.com/news/pandemic-medical-debt-overdue-debt-collectors/.

Student Loan Debt

“Student loan debt in the United States totals $1.73 trillion and grows 6 times faster than the nation’s economy” https://educationdata.org/student-loan-debt-statistics. Unlike most other types of debt, student loan debt can not be cleared by bankruptcy. How you handle your student loan depends on whether it is a federal or private loan. Check out our Student Loan page for more details, and what the right debt lawyer can do to help – https://www.ny-bankruptcy.com/student-loan-negotiations/

Credit Card Debt

One of the big challenges with credit cards is that we tend to use them to help pay other debts. Thanks to the usually much higher interest rates on credit cards, this ends up creating even bigger problems and higher debts. While credit card debt can be cleared through bankruptcy, there are many other less dramatic ways to take care of your debt. Learn more about your options from our Credit Card Reduction page and find out how a loan modification attorney can make all the difference – https://www.ny-bankruptcy.com/credit-card-reductions/

Tax Debt

During the height of the pandemic, the IRS held back from tracking down people with previous tax balance due notices. Starting July 15, 2021, they began reaching out again. You now have 30 days to respond or pay what is owed. If you owe either New York state or federal back taxes, now is the time to get them taken care of. If you are struggling to pay the taxes you owe, you should reach out to a tax debt negotiation attorney to help you get down your balance and get things paid off. Check out our Tax Debt Negotiations and Settlements page to learn more – https://www.ny-bankruptcy.com/services/mortgage-modifications-and-negotiations/tax-debt-negotiations-and-settlements/

Business Debt

It’s hard to keep your business going when a pandemic shuts down the world. There are so many expenses that can just spiral out of control – rental space for offices or retail, utilities, salaries, suppliers… it’s very easy to suddenly find your business in more debt that you thought. While you can always shut down and declare bankruptcy, the are other options to look at if you want to get your business out of debt. Speaking with a knowledgeable debt attorney, you’ll learn about various methods of business expense negotiations and debt settlements. Read more about your options here – https://www.ny-bankruptcy.com/business-debt-negotiations/

Housing Debt

Even with the various eviction moratoriums https://www.ny-bankruptcy.com/what-to-know-about-the-eviction-moratoriums-for-tenants/ and mortgage forbearance https://www.ny-bankruptcy.com/my-covid-mortgage-forbearance-is-ending-now-what/  programs from the state and federal governments during the pandemic, you can still be in trouble if you can’t keep up with your rent or mortgage payments. If you are a tenant, speaking with an attorney who specializes in Landlord/Tenant relations can really help. And for homeowners, there are a number of ways to deal with mortgage debt. With the right mortgage attorney, you can work with your lender on loan modifications https://www.ny-bankruptcy.com/services/mortgage-modifications-and-negotiations/mortgage-loan-modifications/, mortgage negotiations (to obtain more affordable mortgage terms, resolve mortgage arrears, and prevent foreclosure), and mortgage defense (in case of foreclosure litigation).

Reaching Out for Help

If you live in New York, and you’d like to talk directly to someone who specializes in creative, case-specific, out of the box, legal solutions to help you effectively reduce/settle debt, reach out to New York debt reduction attorney Ronald Weiss for a free consultation. He can walk you through the process of getting the help you need. Call 631-271-3737 and take the first step to a fresh start.