The Truth about Debt Relief Agencies

You have probably seen commercials on television for credit counseling companies that claim to be able to help you eliminate your debt. You may have even enlisted one of them as an alternative to filing bankruptcy. However, if you take a closer look at the services which these companies provide, you may find that the most prominent feature is the addition of their fees onto your already significant debt.

These debt relief agencies prey on a misconception that filing for bankruptcy is somehow shameful or contrary to your best interests. We are here to show you that there is no significant problem posed by filing for either chapter 7 bankruptcy or chapter 13 bankruptcy. In fact, these tools offered to the public by the federal government to help those caught in these otherwise challenging situations.

The truth about debt relief agencies is that they may do no more for you than you could already do for yourself. They will simply call your creditors and ask for favors, such as smaller payments, lower interest rates, or minimized debt. Some of your creditors may actually oblige. However, the result will often be a payment plan that only incorporates some of your debt, leaving those creditors who did not agree to grant such favors free to continue their harassment over the phone. Moreover, if you look at the plan set up by the agency, you may discover that by making payments smaller and stretching them out over a longer period of time, you may actually end up paying more in the long run.

At Second Start, PLLC, we are lawyers who have dedicated our entire careers to helping our clients move into a debt-free future.

Bankruptcy is a specific plan outlined by the federal bankruptcy code. It is geared specifically toward the elimination of your debt, either through complete liquidation or the construction of a payment plan that works for you. Our lawyers will show you how bankruptcy is an efficient, cost-effective way of stopping the stress of debt.

To find out more, contact us toll-free at 1-800-SAVEDME to speak with our experienced bankruptcy attorneys. We are available to help people throughout Michigan, and Illinois, including Chicago, Galesburg, Evergreen Park, Berwyn, and Aurora.