I'm 25, go to college full time and work part time. I have over 20k in debt. I've talked with a lawyer about bankruptcy and a credit counselor. The bankruptcy lawyer says that if I file bankruptcy that I'll be financially free and I'll be able to build up good credit quickly and get my life on track.
The credit counselor says that he can wipe some debt off my credit and I'll still owe the people, but it won't be on my credit, and then he can help me get good credit going again.
So, which ones right? Or are neither? I want to be out of legal trouble and be able to get good credit at some point. Any help and advice is greatly appreciated.
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.