With the financial circumstances of so many people now in deep jeopardy, there is a likelihood that they may seek any kind of help available and do everything short of filing for bankruptcy. While the sentiment to avoid bankruptcy is understood, it is something that you should discuss with an attorney who can tell you just how powerful bankruptcy can be and how much power and benefit you can derive from filing a Chapter 13 of Chapter 7.
Please do not waste your time and what precious, little money you may have by being duped by a few companies that claim to have your best interests at heart but are really fronts for a devious scheme to take that money.
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They work this way: They offer you a deep discount on your debts but require you to pay a large up front fee and then monthly payments to them that sound reasonable. In fact those payments may even be below what you would pay in a properly prepared Chapter 13 bankruptcy and they claim you can keep all your property. Sounds too good to be true, doesn't it. Well it is!!! Do not do it, you will regret it!
What the people and companies perpetrating this scheme do not tell you is that they do not pay your bills for several months. And they keep you money as this process goes on. This is supposedly a means of forcing your creditors to negotiate with them, so that they can get you the reduced payments that you thought you were going to get in the first place. But often, they don't even do that. And, very often the creditors will not negotiate with them because they threaten the creditors with a variety of consumer oriented law suits. But the bottom line is that they just take your money and let your situation get worse. There is usually no way to get your down payment or monthly payment back and your credit scores, even if already very low, will plummet. And, very likely, you will be sued.
If you try to get out of the program, you can kiss your money goodbye. You are then left with the only alternative of filing bankruptcy, which is what you thought you were making a good faith effort to avoid. Tragically, many victims have so much debt left over once they have been through the mill with these mean spirited operations, very often more than they started with, that they cannot afford to make Chapter 13 payments to save their homes and other property and are forced into Chapter 7 liquidations.
The moral of the story is an old one: If it sounds too good to be true, it is.
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