Debt Negotiation

If you have money problems, you may be afraid that bankruptcy is the only solution. That is not the case. An experienced attorney may be able to help you rework your financial situation without filing for to bankruptcy.With her 30 years’ experience in finance and negotiations and her understanding of creditors’ positions, Ms. Cully can help you reach a mutually satisfactory arrangement with your creditors.

Kathleen Cully has almost 30 years of experience working with businesses and consumers throughout Manhattan and the surrounding areas. During her career, she has helped clients in all financial situations. She is skilled at resolving financial problems and can help you today!

Debt Relief Options

Bankruptcy imposes significant costs on borrowers and has long-lasting effects on your credit rating. Before filing for bankruptcy, you may want to consider other debt relief methods, including:

  • Mortgage loan modifications
  • Loan workouts
  • Interest rate reductions
  • Deferred-payment plans

Keep in mind that with certain exceptions for qualifying mortgages any reduction of your debt outside bankruptcy may be taxable income to you. That means that if you reduce your debt from $50,000 to $30,000, you may be taxed on the $20,000 reduction just as if it were cash income.