I frequently hear from people who tell me they tried to work with a debt settlement company before ultimately deciding to file for bankruptcy instead. I always feel a little bad about their situations and about the fact that they've done nothing but waste time and MONEY!
My honest opinion? Debt settlement companies are scams.
There. I said it.
Why, you ask? Debt settlement companies can't (and won't) do anything you aren't already capable of doing on your own. Debt settlement companies are designed to scare you into working with them - into making you think that bankruptcy is worse for your credit score when, in fact, attempting to work with them could do serious damage.
American Bankruptcy Institute, Bankruptcy Lawyer Los Angeles, Bankruptcy Lawyers In San Diego,
First of all, there is no special Obama plan designed to help you settle your debts with your credit card companies. Anyone who tells you otherwise is trying to take your money.
Debt settlement companies will call your creditors, attempt to make payment arrangements, and then force you to put your money into a separate bank account, usually one they have access to. They'll take their fees first and will leave very little money for you to use when paying your debts.
Your credit card companies may agree to a payment plan or a lump sum settlement, but again, there are no guarantees. In addition, credit card companies always elect to sue you instead. When that happens, the "debt settlement" company you hired won't be anywhere to be found. You'll be on our own, lawsuit paperwork in hand.
Are you at the point where you feel you need to choose between debt settlement and bankruptcy? The truth is most credit card companies may offer a settlement but most people simply can't afford to make that type of payment to one credit card company, let alone to multiple creditors.
Don't wait until you have lawsuit paperwork in your hands to consider contacting an Oakland bankruptcy attorney. Let us guide you through the process, step-by-step, so that you can avoid extra upfront fees and false hopes. Bankruptcy is a viable solution to serious financial difficulty. We can help.
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