I am currently involved with a consolidation company. They have failed to make arangements with the CAs regarding my old accounts that I would like to pay off. I am seriously considering bankruptcy because I was just sued for one of them. Is a settlement company best for me or bankruptcy? All together I owe back approx $8,000 for all of them. I spoke to a bankruptcy lawyer and he said, of course, to file bankruptcy. I don't know what to do. I appreciate any help. Thanks in advance.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.