The fees for a bankruptcy are less than the costs associated with credit counseling or debt consolidation
In a bankruptcy, the federal bankruptcy court orders your creditors to accept your best effort to pay your unsecured debts. In many cases you are required to pay nothing. In credit counseling or debt consolidation, you have to rely on the goodwill of your creditors to get out of debt – despite what you may hear, there are no guarantees!
Bankruptcy attorneys are required to go through years of schooling and are held to high ethical standards. Credit Counselors and Debt Consolidators are unregulated – you are essentially rolling the dice for your financial well being.
Credit counseling or debt consolidation can destroy credit. Credit counselors or debt consolidation organizations are not required to pay your bills on time and your creditors can still report negative history to the credit reporting agencies. In a bankruptcy, your pre-petition creditors are prohibited from taking any collection action including reporting to the credit reporting agencies and when you receive your bankruptcy discharge you get a “fresh start” free of old debts.
In a bankruptcy you pay no interest on unsecured debts. Credit counseling and debt consolidation cannot make the same promise.
Credit counseling and debt consolidation is very expensive and it can take years to be debt free. If you qualify for a chapter 7 bankruptcy, in most cases you’ll be debt free in six months at a minimal cost.
Get Professional Advice. Save time and money. Prepare yourself for life after debt…
Contact an attorney at the Debt Doctors today at 1-877-Debt Dox.