If you are struggling with debt and looking for a way out, it is wise to explore your options. You have probably seen or heard advertisements for debt consolidation services that promise to work with your creditors to consolidate your debt and significantly lower your monthly payments. We urge you to use caution before contacting one of these services. Like most promises that sound too good to be true, they often are. At The Brooke Law Firm we will help you explore all of the debt relief options available to you. We are a bankruptcy firm, but we do not push our clients into bankruptcy if we do not think it is the best option for them. We are committed to helping our clients resolve their debt problems, achieving true debt relief and avoiding potential debt consolidation scams.Call (631) 397-0042or contact us online for a free consultation with a Long Island bankruptcy lawyer. It could be your first step on the road to debt relief. Is Debt Consolidation Right for You?
If you hire a debt consolidation service, the best case scenario is that they will act in good faith and attempt to work with your creditors to consolidate your debt and negotiate lower payments. The question is: How are they going to get your creditors to go along with the plan?
In many cases, debt consolidation services have no leverage and no means of providing lenders with incentive to agree to a debt consolidation. If, after months of waiting, the company is not able to help you, you will be left with all of the debt plus months of interest and/or late fees. Plus, you probably paid good money to the debt consolidation service. More often than not, the fees are more excessive for less relief than a discharge in a bankruptcy.
The above scenario is based on the assumption the consolidation service is acting in good faith. Since these companies are largely unregulated, consumers are putting themselves at risk by handing money over to them. A bankruptcy law firm is backed by the power of the federal bankruptcy code. When you file for bankruptcy, you do not have to get your creditors to agree to the plan. It is enforced by the bankruptcy court.
Bankruptcy is not right for everyone, but those who it can help are usually at a disservice by hiring a debt consolidation service.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. You should not act or rely upon these materials without seeking professional counsel. Sending e-mail also does not establish an attorney-client relationship. An attorney-client relationship can only be established by mutual written consent with an attorney. Unless and until an attorney-client relationship is established, e-mail and other communications sent may not be privileged. Copyright 2016. John P. Brooke, Esq. and the Brooke Law Firm is a federally qualified debt relief agency (lawyer and law firm) and, among other services, provides legal assistance to people and businesses seeking relief under the United States Bankruptcy Code.
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