If you feel like you are on a treadmill of paying and spending such that balances never decrease while the creditor calls are only growing more persistent, it might be time to consult with a New York bankruptcy attorney. Sadly, too many people around the state experience this on a daily basis, causing their stress to mount as they feel decreasingly capable of getting on top of it.

The reality is that bankruptcy is not the right choice for everybody, but it is definitely the right path to a fresh start for many. Considering your options and consulting with a New York bankruptcy attorney could give you the perspective that you need to make an important decision.

Despite the fact that many programs and counseling centers today peddle themselves as a way to save you from bankruptcy, some people actually end up farther behind on their bills, frustrated, or both. If you are already struggling to meet minimum payments or have debts with months of nonpayment, a counseling program is likely to ramp up the feelings of guilt and shame without really empowering you with a viable option. Finding yourself a few months down the road without being any more on top of the debt can create more problems for you.

Two of the most common options presented to people in this manner include debt consolidation and debt settlement. In consolidation, a counselor reviews what money you have that could be applied to debt while suggesting proposals for lower interest rates. If you do not have the finances to swing this, however, you could be right back where you started. In debt settlement, a proposal is usually made to lower the overall total paid to creditors, but again, if you do not have the amount set aside already, you are likely to end up more frustrated and still behind. Many companies involved in debt settlement and deb consolidation have been investigated and closed by the New York Attorney General with improper practices and procedures and even criminal charges.

Jayson Lutzky is a Bronx lawyer who handles personal bankruptcy cases. A number of clients have filed bankruptcy after trying debt consolidation or debt settlement. Speak to Mr. Lutzky in a free in-person consultation to discuss your financial options. Call 718-514-6619 to set up an appointment with Mr. Lutzky. Visit www.MyNewYorkCityLawyer.com to learn more about the attorney.