Finding Philadelphia Debt Relief Help

By doing a little homework, you can find a resource that is right for you

While hundreds of people in Philadelphia, throughout Eastern Pennsylvania and Southern New Jersey are facing financial pressures and looking for answers, the fact is that no two situations are exactly alike. For some, bankruptcy is the best solution. For others, debt counseling may give them the answers they need to get out of debt by establishing a workable budget and negotiating directly with their creditors.

What to expect from Philadelphia debt relief counseling

Debt counselors are advisors who are trained in budgeting, money management and consumer credit. A debt counselor or counseling agency is certified and will help you look at your financial picture and offer you ideas on how to manage your money and your debt and assist you in developing a budget. Many of these organizations are not-for-profit agencies and may also offer workshops in addition to one-to-one counseling. Not sure where to find a qualified debt counseling agency? Resources are often available through:

• The military
• Churches and religious institutions
• Housing authorities
• Colleges
• County extension services

The U.S. Department of Justice also provides a list of approved credit counseling agencies by area. To make sure that the credit counseling agency you choose is reputable, choose an agency from the Department of Justice list or check with the Better Business Bureau, the Pennsylvania Attorney General’s Office or the New Jersey Attorney General’s Office.

What is a debt relief plan?

In Philadelphia, debt relief plan can mean debt management, debt negotiation or getting debt relief through Chapter 7 or Chapter 13 bankruptcy. Under debt management, you must make regular, timely payments over a period of time and you must promise not to apply for or use credit until such time as your obligations are fulfilled. This can be a risky proposition. Many companies guarantee that they can reduce or eliminate your unsecured debt, but will require hefty monthly fees. What’s more, you must make the payments to the company, rather than to your creditors. They seldom follow through on their promises to stop lawsuits, stop harassing phone calls or have negative information removed from your credit report.

So, is bankruptcy your best option? Because bankruptcy is a legal process, it may be the best choice if you are unable to get out of debt on your own or through credit counseling. Filing for bankruptcy will:

• Stop harassing calls from creditors and collection agencies through an automatic stay
• Prevent or forestall home foreclosure and car repossessions
• End wage garnishments and bank levies
• Stop lawsuits through automatic stay
• Allow you to reorganize your debt through Chapter 13 bankruptcy
• Eliminate debt through Chapter 7 bankruptcy

An experienced bankruptcy attorney can help you take maximum advantage of federal and state exemptions, make sure that documentation is accurate and that filings are timely, and represent you in creditor meetings.

A lawyer with experience in consumer debt problems may also be able to negotiate with creditors on your behalf. Creditors are often anxious to avoid dealing with foreclosure and bankruptcy and may be willing to come to terms that reduce your overall debt, reduce interest, and reduce or eliminate late fees.

Talk to an experienced lawyer about a Philadelphia Debt Relief Action Plan

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.