Ft. Lauderdale Bankruptcy Attorney

Bankruptcy vs. Debt Consolidation

At the McCue Law Firm, we are dedicated to providing our clients with the expert legal and financial advice they need to make the most informed decision possible about their unique financial situation. Different circumstances call for different measures, especially when it comes to overbearing amounts of debt. While there are many benefits of bankruptcy, there are also a few drawbacks that may make debt consolidation a better alternative. We promise that our firm will always keep you interests first and foremost no matter what you decide. We want you to always know that a Ft. Lauderdale bankruptcy lawyer from our firm is here to help you, not to try to force you into doing something you don't want to do.

Making an Informed Decision that Benefits You First

Many individuals are hesitant to pursue bankruptcy as a viable debt relief option. It is no secret that many bankruptcy myths have distorted the true facts about bankruptcy. The main benefit of bankruptcy is that it provides individuals with a clean slate or a clear road towards the elimination of debt depending on which form of bankruptcy you pursue. Individuals who turn towards bankruptcy are generally at a point where their income is nowhere near enough to cover mortgage payments, let alone debt payments. There are an endless number of circumstances that can lead an individual to bankruptcy, and in the current economic downturn, more and more Americans are turning towards bankruptcy as their most viable option.

While bankruptcy affords a clear path towards the elimination of debt, debt consolidation is not as certain. Through debt consolidation, individuals can get their debt within a manageable framework without having to resort to bankruptcy. While bankruptcy does have an impact on your credit score and report, many individuals overestimate the negative consequences of bankruptcy. If you have a strong source of income, and your monthly debt payments are only slightly out of reach and you do not owe a significant amount, debt consolidation may be for you. If you have a large amount of debt and your monthly income will never come close to covering your monthly payments, you should seriously consider bankruptcy.

If you would like to compare bankruptcy vs. debt consolidation further, you should contact a Ft. Lauderdale bankruptcy attorney so that you will be able to make an informed decision.