Our economy is in crisis and thousands of hard working people have fallen behind on their credit card payments, mortgage payments and student loans. These people are not deadbeats. These are honest Americans that have been forced by dire circumstances to fall behind on their financial obligations due to loss of income, a medical emergency that left them with a huge medical bill and they need help and good advice.
Because these people are desperate to find a solution, there are many shady offers of debt settlement companies that offer "legal" advice and promise that they will deal with their creditors for them and negotiate to settle their debts for pennies on the dollar. On paper that sounds great. They feel that they are doing the right thing by avoiding to file for chapter 7 bankruptcy and still repay their debts, maybe not in full but at least a portion of it.
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While this is a noble thought, the reality is that this is not a smart decision. By filing for a Chapter 7 or Chapter 13 bankruptcy, they are afforded the protection of a federal court, while a debt settlement place will not. In the event that you were to get sued by one of your creditors, these places do not offer you any legal representation or advice and if they do, it will be outside the scope of your initial agreement. That is why it is recommended to avoid such places and instead use your rights and use the protection of a federal court to avoid lawsuits, wage garnishments and other problems.
If you decide to go for debt settlement, make sure to do your due diligence and research the place you are thinking of hiring. Read reviews on the web, check for reports on the Better Business Bureau and above all, ask many questions and get all the promises in writing.
If you are weighing the pros and cons of a bankruptcy vs debt settlement, you should sit down with a bankruptcy attorney and discuss your options. The consultation will most probably be free and you will get all of your questions answered. That way you will be able to make a smart and informed decision that will help you get back on your feet and rebuild your finances and credit.
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