Are You Looking for Philadelphia Debt Consolidation Help?

Why you should be careful about trusting your debt problems to a debt consolidation company

There is no shortage of companies who promise to help you put an end to your debt problems without filing for bankruptcy. And there is also no shortage of complaints about debt consolidation companies made to the Federal Trade Commission, the Better Business Bureau, and the Office of the Attorney General every month.

Before signing on the dotted line with a debt consolidation agency, it pays to do a little research:

• Check them out with your state’s Attorney General or your local BBB
• Compare their fees to those of other similar companies
• Be wary of debt consolidation companies that promise a quick fix to your debt problem
• Make sure to get proposal specifics, including fees, in writing

Debt consolidation means taking out another loan

You should know that debt consolidation means taking out one big loan to repay all your outstanding loans. It is true that you may have eliminated that old debt — but you will not be out of debt. All too often, debt consolidation is just a band-aid on a big problem. While it might make your life easier in the short term, you may find that you are back where you started fairly quickly.

Why an attorney may be your best debt consolidation resource

Debt relief attorneys work with you to help find the debt solution that is best for you. While a Philadelphia debt consolidation plan may be an appropriate option for you, Chapter 13 bankruptcy may be a better choice, as it allows you to reorganize your debts and pay them off over a three- to five-year period. Under Chapter 13, overall debt is reduced and you are able to meet your obligations over an extended period of time. Once the plan is satisfied, your remaining debts are discharged.

If your income is insufficient to cover your debts, you may qualify for Chapter 7 bankruptcy, which allows you to discharge, or eliminate, credit card bills, medical bills and other unsecured loans.

Talk to an experienced lawyer about Philadelphia debt consolidation and bankruptcy options

Whether you are considering debt relief, debt reorganization or debt counseling, Philadelphia attorneys can explain your rights, your legal recourse and your options. To find a lawyer in your area, please fill out the online form or call 267-428-1386.