A day ago, I had a conversation with a new client and it started out with a simple statement: “My wife and I are currently working with a debt relief company but it doesn’t seem to be working. We are $40,000 in debt now.”
Just today I spoke with another potential client and who said that he was advised by his debt relief company to seek out a consultation to file for bankruptcy! I’ll give that company a tiny bit of credit for being honest with their clients, but not very much.
Unfortunately, many of our clients realize far too late that their “debt relief” program is absolutely useless. It doesn’t do a damn thing to relieve their debt or help to repair their credit. If anything, it only succeeds in stretching out their payments to creditors and accruing disgusting amounts of interest and putting clients even farther into debt.
The truth is that debt relief or debt consolidation programs are a waste of your time. If you are overwhelmed by your debt and are looking for a solution, debt consolidation programs and companies are not in your best interest. These companies are under no obligation to actually pay your creditors with the money you are handing over to them. The creditors are under no obligation to actually accept those payments or agree to any terms these companies and programs set. Debt consolidation doesn’t stop foreclosures or garnishments. Your creditors can still take you to court for your debts, serve you with a summons, or sue you for money owed.
So what is the point of jumping into bed with a “debt relief program?” The truth? There is none.
If the thought of working with one of these companies enters your mind, consider instead a more thorough and helpful alternative: filing for bankruptcy. Bankruptcy is an entirely different ball game. One that protects you from creditors, protects your assets, protects your sanity, and actually improves your credit in the long run!
Conclusion
Learn more about your debt relief options by talking with MN’s MOST EXPEREIENCED bankruptcy attorneys. Visit www.kainscott.com to request a consultation today!
