Is 800CreditCardDebt Better Than Bankruptcy?

05 Apr Is 800CreditCardDebt Better Than Bankruptcy?

The company 800CreditCardDebt seems to think that you should not get the whole story before using their services! A commercial I saw says: “Don’t let the word bankruptcy enter your thoughts”.

Really?

Not even consider it?

Advising people not to at least consider any solution that might help them is bad advice.

If you are in trouble with your debts, a consultation with a good attorney will give you information on all types of help so you can understand all possible solutions. From credit counseling, debt settlement, debt management, lawsuits or bankruptcy, shouldn’t you know what each can do so you can decide which will be the BEST solution for you?

Since when did looking at all options to solve a problem before you commit become a bad idea ?

When did looking at only one option make sense?

No one but a licensed attorney can give you legal advice, but an attorney can discuss all the types of options you have, including working with companies who set up debt payment plans.

An attorney can give you the whole picture: how the collection process works; what can creditors do to you; how debt management, credit counseling and debt settlement companies work; and whether bankruptcy or some other legal avenues are available to you.

After speaking to an attorney about your situation and learning what legal options are available to you, then you can make your decision. Sometimes it is a debt management or settlement program, but don’t you want to know all your choices especially if there is a better one for you?

Avoiding bankruptcy is good, if you don’t need it, but too many people who do need it are being steered away by companies who can’t even explain what bankruptcy is or what the full legal ramifications of it are.

Chapter 7 can eliminate many debts in full, and Chapter 13 bankruptcy is a repayment plan that can reduce what is paid to some creditors, can stop penalties and interest, and prevents creditors from suing you while you are protected by bankruptcy.

Bankruptcy is not subject to the agreement of the creditors so long as you do everything the law says you need to do.

Every case is different.

Every situation is different.

You have to consider the total circumstances of what is going on in each person’s life before telling them whether any one solution will work for them. Debt problems stem from a lot of sources.Job or income loss, medical problems, divorce are found in most situations.

Debt management plans can be an option for some people, but it will depend on their true income and expenses, and some debt management companies seem to forget that people have to be able to pay their ongoing expenses in addition to paying into the program.

Payments have to be affordable for the entire life of the program, not just for a few months. If making those payments month after month means you can’t save up for car repairs, pay for medical needs, or buy other necessities for your family, then you won’t be fixing the problem, just delaying dealing with it or maybe even getting into worse trouble.

The 800CreditCardDebt spokesman promises that “you’ll f eel like yourself again.” He promises that you can find a payoff plan you can live with, work with creditors, eliminate penalties, lower rates, and even reduce the amount you owe.

But before deciding if his program is the one for you, you should explore all your options.

Talking to a lawyer who will discuss all of your options, from bankruptcy and legal defenses to debt management is a good idea, and it is definitely something that should enter your thoughts.

Don’t make your decision before you understand all possible solutions. Many people feel like themselves again when they get the whole story and find the best choice for them.

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Concentrating in Consumer Bankruptcy Law since 1988; Wake Forest Law School JD 1987 Law Office of Susanne M. Robicsek since 1993, Law Clerk to Judge Rufus Reynolds, US Bankruptcy Judge for Middle District of NC; Burns Price & Arneke, PA, David Badger and Associates, PA.

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