Letting creditors know that you’re considering bankruptcy can be helpful in negotiating reduced interest rates, payment assistance, or other workarounds.
Creditors would rather get some payment from you than have to write off the debt entirely.
This is an especially productive tactic with credit card issuers, who often get nothing when their customers file for bankruptcy protection.
A bankruptcy attorney can also attempt to negotiate with your creditors while you consider your options, and letting your creditors know that you have representation is another tool you can use to attempt to negotiate better deals to stay out of bankruptcy.
Call Zelenitz, Shapiro & D’Agostino today at 718-599-1111 and talk to a bankruptcy lawyer in Queens for free.