What Are My Debt Relief Options?


If you are dealing with overwhelming debt and creditor harassment, you might be wondering what you can do to find debt relief. Thankfully, you have more than one option to help you achieve financial freedom. Every person’s debt situation is different, so you will need to review your options to determine which one is best suited for you. Our New York debt relief attorneys have put together the most common debt relief options available to help you overcome financial stress.

If you are dealing with overwhelming debt, contact our New York debt relief attorneys today at (516) 217-4488 to discover which debt option is best for you.


One of the most common forms of debt relief is through bankruptcy. If you know that you won’t be able to pay your debts, bankruptcy could help you get a fresh start. There are two common types of bankruptcy for individuals: Chapter 7 and Chapter 13 bankruptcy.

Chapter 7 bankruptcies can erase unsecured debt, such as credit card debt or medical bills, in as little as three to four months. Although Chapter 7 bankruptcy can help you get rid of debt quickly, it is a liquidation bankruptcy. This means that you won’t be able to keep some of your assets since they will be liquidated to fulfill your debt payments. To qualify for Chapter 7 bankruptcy, you will need to take the means test to prove that you make less than the state average income.

Chapter 13 bankruptcy is a three to five-year court-approved repayment plan. The court will analyze your income and debt to create a payment plan best suited for your unique situation. If you fulfill all the payment requirements for the required period, the remaining unsecured debts will be discharged. Although this process will take longer than Chapter 7 bankruptcy, you may be able to keep your property with this option. However, it is important to keep up with payments to successfully achieve debt relief.

Debt Settlement

Debt settlement is the process of negotiating with an unsecured creditor. During the debt settlement process, creditors may agree to forgive a large part of the debt if they at least receive a portion of the debt owed. However, the creditor might require you to pay the amount in a lump sum payment. Since the negotiation process is complex, it is vital that you have an experienced debt relief attorney on your side who knows how to handle a debt settlement case.

Debt Management Plans

A debt settlement plan allows you to pay unsecured debts in full with reduced interest rates or with fees waived. To create a debt management plan, there must be an agreement between a debtor and a creditor that addresses the terms of the outstanding debt. However, missing payments can affect the plan agreement. Therefore, it is important to ensure that you can fulfill the debt management plan before signing an agreement.

Experienced New York Debt Relief Attorneys

If you are trying to determine which debt relief options are best for you, contact our team at Jacovetti Law, P.C. for guidance. Before making a decision, you should speak with our New York debt relief lawyers to understand the long-term impacts of your debt relief options. Our legal team is well-versed in everything from debt settlements and restructuring to consumer protection and litigation. We have a proven track record of results, having discharged millions of dollars for both consumer and commercial clients. Let our team guide you through the process from start to finish.

Contact our experienced New York debt relief lawyers today at (516) 217-4488 to schedule a case review. We offer free 30-minute initial consultations!

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