Filing for bankruptcy is a serious decision, and it is worth your time to consider all your options before speaking with a New York bankruptcy attorney. That being said, there are plenty of advertised “solutions” out there that may not actually help you recover from a serious debt situation. In these cases, it is better to file for bankruptcy than to drag out your attempted relief for a few more months only to feel more frustrated and overwhelmed when the solution does not work.

One commonly-advertised option for people in serious financial trouble is debt loan consolidation. When you consolidate debt, all your credit balances are lumped into one payment with a low-interest rate.

Did you know that according to a recent article in Mortgage Reports, the typical home in America has a total of more than $15,000 in credit card with rates higher than 15 percent? If you paid only the minimum payment and tried to pay that off slowly, you could pay big time in terms of interest, and it would take a long time to eliminate the debt.

If you are concerned about an overwhelming amount of debt, then consolidation might seem like the best option, but what if you cannot keep up with the minimum lump sum payment required by consolidation? You would find yourself even further behind than before, and you may still need to work with a bankruptcy attorney.

Perhaps one of the biggest benefits of bankruptcy is that it is a fresh start when you need it most. If you already feel like you cannot get on top of your debt, then consolidation may not be the solution for you. Bankruptcy may be the most effective way to get you out from under a bad situation so that you can start all over with reduced worries. If you are considering bankruptcy, then schedule a free in person consultation with attorney Jayson Lutzky. Mr. Lutzky has helped many highly satisfied clients file bankruptcy before. Call 718-514-6619 and visit to learn more about Mr. Lutzky and bankruptcy.