Be Cautious of Companies Offering Debt Settlement Plans and Services
Every year, thousands of people throughout Kentucky fall prey to "debt solutions" companies that warn against filing bankruptcy and make very aggressive advertising claims related to reducing or eliminating credit card debt.
Unfortunately, people's success rates when they enter contracts with credit counseling/debt consolidation companies are extremely low, and many end up paying them a lot of money and ultimately filing personal bankruptcy anyway. If you are considering such a program, it is essential to learn the truth about how they work and also get the truth about personal bankruptcy from an experienced, conscientious lawyer.
Unrealistic Claims and Plans Do Not Offer the Legal Protections of Bankruptcy
If you are deep in debt and struggling to pay bills, an advertising pitch that states "we can reduce your debt by 30 to 80 percent" or "we can settle with the credit card companies for pennies on the dollar" can be very attractive. However, the truth behind these claims is not well known by everyday people.
Debt consolidators vary widely in how much effort they put forth for their enrollees, but most such programs work essentially the same way. The realities typically include:
- You will pay them whatever you can afford rather than paying your creditors — but have no legally enforceable protection against collection lawsuits.
- Unlike personal bankruptcy, these programs do not immediately eliminate any debt, and if and when settlement offers are presented to debtors, they are typically unrealistic demands for large lump sums.
- Credit counseling and debt negotiation companies can do nothing at all to stop a home foreclosure or provide relief from any types of debt other than unsecured credit card balances.
Call 877-303-9731 to Consult Free With a Lawyer Providing Real Debt Solutions
If you contact this firm, Somerset bankruptcy and debt relief attorney Marcus L. Vanover will carefully analyze your overall situation as part of a dedicated effort to help you make the best decisions for your future. This includes assessing all your assets, debts and recent financial moves to proactively prevent problems with your case if you choose to file bankruptcy.
The Law Office of Marcus L. Vanover is a debt relief agency. The Law Office of Marcus L. Vanover helps people file for bankruptcy relief under the Bankruptcy Code.
