Should I Talk With a Bankruptcy Lawyer Instead of A Debt Settlement Company?

03 Jun Should I Talk With a Bankruptcy Lawyer Instead of A Debt Settlement Company?

More and more, I’m seeing folks in my office after attempting debt workouts through debt settlement companies. Usually, the debt settlement companies that these people used were ones that advertise heavily on television and in other media. And usually, the potential clients have paid a lot of money to these debt settlement firms and gotten very little out of it.

So now, they are coming to see a bankruptcy lawyer. This seems to beg the question–why didn’t you go see a bankruptcy lawyer first? Good question!

Understandably, no one wants to file bankruptcy and talking to a bankruptcy lawyer is not high on anyone’s list of things to accomplish in life. However, when you are financially strapped and you are exploring options on the best way to deal with that debt, it doesn’t hurt to talk with an experienced bankruptcy attorney to find out what bankruptcy can and cannot do for you.

One of the primary ways of dealing with too much debt is by filing bankruptcy. Another way of dealing with too much debt is through a voluntary debt workout through negotiated settlements or payment plans with your creditors. But when you are considering your options, you should consider all of your options, including bankruptcy, and make an informed choice as to which option best meets your needs. The only way to do this is to obtain as much credible information as you can.

A lot of bankruptcy attorneys offer free consultations or the consultations are inexpensive relative to your debt load. But even if a consultation fee is requested, does it really make sense to be penny wise but pound (English pounds sterling) foolish with something as important as your financial health?

If you are concerned with your financial situation, talk to a bankruptcy attorney. That attorney can assist you in making an informed decision if nothing else.

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Adrian Lapas, Esq.

I've been practicing bankruptcy law in North Carolina since 1993, and am certified as a specialist in consumer bankruptcy law by the North Carolina State Bar.

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