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Alternatives to bankruptcy through debt settlement

New Jersey residents who are struggling financially are often overloaded with debts they cannot pay. Fortunately, there are some workable solutions that can be employed, including bankruptcy. However, there are also alternatives to bankruptcy that can help you resolve unpaid debt through debt negotiation and settlements with creditors.

At William H. Oliver, Jr. & Associates, we help New Jersey residents explore their debt resolution options. In some cases, Chapter 7 or Chapter 13 proceedings will be the best strategies to resolve debt, but in other cases, bankruptcy might not be required. We make sure our clients fully understand the difference between bankruptcy and debt negotiation or settlement before they choose which one is right for them, as both of these viable strategies have different implications for the future.

With debt negotiation and settlement, you negotiate with creditors to determine a payoff amount for your debt. The payoff will be often markedly less than the actual amount you owe the company. Other than negotiating a payoff, you might also negotiate a better interest rate or a lower monthly payment.

However, it is important to realize that the debt you make "disappear" in a bankruptcy is still scrutinized by the IRS. Agents view these written-off debts as "cancellation of debt income." That means you will have to pay taxes on it, so be sure to discuss this with an attorney before you proceed with any debt settlement strategies. Negotiated debt could also negatively affect your credit rating.

At At William H. Oliver, Jr. & Associates, we are available to discuss your debt resolution options with you. Best of all, the first consultation with our law office is completely free of charge.

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.