Is Debt Consolidation A Viable Solution?
By the time a debtor gets to the point of considering bankruptcy as a debt relief option, disorganization is common. It is not only difficult to keep track of payment dates when one is unable to make those payments — but it is also depressing for most people. Eventually, many overwhelmed debtors throw up their hands in near-defeat. Some still hope for a good alternative to bankruptcy. What about debt consolidation? Can it work?
Debt consolidation schemes are often touted by banks or finance companies as a way to avoid bankruptcy while overcoming frustrations. “Do you have too many debts to keep track of?” they may ask. “We can consolidate your debt burden into one lump sum to be serviced through one affordable monthly payment.” Many debtors fall for seductive offers such as this. However, there is one catch for most people. A debt consolidation arrangement does not eliminate the fundamental dilemma: too little income to handle too much debt.
Remember, if someone promises something that sounds too good to be true, it is almost always so.
What we see at Lefkovitz & Lefkovitz when clients come to us after buying into debt consolidation schemes is that they have lost time and money with very limited progress to show for it. In many cases, they have racked up even more debt in the meantime, while paying fees to a questionable company managing the debt consolidation system.
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If a debt consolidation plan can help you avoid bankruptcy, you should work with an attorney to be sure all your bases are covered. Our debt relief law firm can, and does sometimes, make in-house debt consolidation arrangements, including negotiating terms and formalizing contracts with lenders. If this is in your best interests, we will advise you so while watching out for your best interests. Our lawyers can be your advocates to help you confront creditor harassment and get your financial problems back in line.
If, on the other hand, an analysis of your case shows that bankruptcy is a better long-term solution, we will clearly explain why. We can guide you through the bankruptcy process without fear of rude surprises.
Our Offices Are In Cookeville And Nashville | Is Debt Consolidation Your Best Option? Our Lawyers Offer Free Case Analyses.
Contact us in Nashville at 615-686-2279 or in Cookeville at 931-400-2218, or email us to request a free initial consultation about debt relief, bankruptcy alternatives such as debt consolidation and how to determine if bankruptcy is right for you.
We are a debt relief agency. We help people in Tennessee file for bankruptcy relief under the Bankruptcy Code.