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Compare Bankruptcy versus Credit Consolidation/Counseling

(Payment Plans)

There are many factors to consider personal to each family. However, most clients are concerned about the payments and their credit score.

In each instance the consumer will suffer from a severe markdown of their credit score on the order of 100 to 200 points along with notations on their report of their failure to pay. This credit score demerit occurs, whether you are making some payments under a credit counseling option or seeking a discharge under Bankruptcy. This makes obtaining new or further credit very difficult regardless of which method chosen.

With the credit counseling method, the consumer will pay back some or all of the debts. Under bankruptcy, most unsecured debts like credit cards will likely be wiped out.

Under credit counseling plans, the consumer will make payments under a set schedule and typically not emerge debt free for several years. Under bankruptcy, most consumer debts will be gone almost immediately and following the close of the bankruptcy, generally six months or less, the consumer can begin to cautiously and carefully re-build their credit.

Each family has needs personal to them and a unique perspective on their difficulties. Let us address these issues with you in confidence and confidentiality to help you make an educated decision. Let us help.

The time to consider a bankruptcy consultation is when financial woes begin not after depleting life savings or borrowing from friends and family just to survive, according to David Schneider, Principle at the Law Offices of David R. Schneider, APC. Most clients are honest hard working people who exhaust every possible resource down to their personal piggy banks before considering a consultation with a bankruptcy attorney and are shocked at all the available options. In fact, after most consultations, the first words I hear are "I wish I'd called you months ago."

We offer clients a free half hour consultation with the attorney to discuss the possibility of filing for bankruptcy protection. Call our office and ask for our debt / asset intake sheet and to schedule a consultation with David Schneider.

We look forward to helping you.