QUESTION
What can I do if I cannot afford to pay the company helping me with debts?
Asked on Sep 27th, 2011 on Bankruptcy - New Jersey
More details to this question:
I was paying debts on time until I lost my job. I called debt help place they said for me not to pay and they will do it for you. I was unable to even pay into account to do this. It's been 4 months and I'm still without enough money to survive much less put into pay back account and now threatening me.
10 ANSWERS
Bankruptcy Chapter 7 Attorney serving Fort Collins, CO
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The Salas Law Firm LLC
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Most of the debt consolidation business provide little help.
Answered on Jul 08th, 2013 at 10:49 PM
Don't pay credit counselors they are thieves. They take your money that could be going to creditors.
Answered on Jul 08th, 2013 at 10:44 PM
Daniel James Wilson
In my experience, these debt consolidation outfits are scams. The basic idea is goodmake payments into a fund until enough money accumulates to make settlement offers to individual creditors. The problem is that the debt company charges legal fee that eat up most of your payments. It sounds like you cannot even make the payments. You should consider filing a Ch 7 and discharging all debts that are dischargeable.
Answered on Oct 05th, 2011 at 2:17 PM
It sounds like bankruptcy may be a good solution for you.
Answered on Sep 30th, 2011 at 7:51 PM
Glen Edward Ashman
Do not deal with "debt help companies." Many are scams. That is the worst way you can address debts. Instead of dealing with possible criminals, call a lawyer and see what real remedies you have to reduce or eliminate debt.
Answered on Sep 28th, 2011 at 11:02 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If you cannot afford a debt consolidation service, you may want to consider a chapter 7 bankruptcy.
Answered on Sep 28th, 2011 at 10:18 AM
Contracts & Agreements Attorney serving Duluth, MN
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Yvonne M. Novak
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I recommend that you talk with a bankruptcy attorney. They will help you evaluate whether the debt help plan is affordable and whether you might receive faster and more complete relief through a bankruptcy.
Answered on Sep 28th, 2011 at 7:17 AM
Immigration Attorney serving Salinas, CA
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Law Office of Magnolia Zarraga
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Most debt consolidation programs fail precisely for that reason, if you could afford to repay your debts you would have done so directly with the creditors. These companies charge you an arm and a leg for doing nothing or for something you could have done on your own for free. Some of these debt consolidation companies are no better than the creditors who call to harass you. Most of my clients come after having spent 1 year or more on debt consolidation programs that failed miserably. In less than a month they file bankruptcy and get rid of the debt they've been struggling to repay for years. Even clients who have had to file a chapter 13 in most instances have a trustee payment that is lower than the debt consolidation company was charging them. Get yourself to a bankruptcy attorney as soon as possible, a free consultation will give you peace of mind and plan to get yourself back on your feet. Good luck.
Answered on Sep 28th, 2011 at 6:25 AM
Consumer Bankruptcy Attorney serving Worcester, MA
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Law Offices of James Wingfield
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It sounds like you are not going to be able to keep up with your debts through any out-of-court plan. You should contact a qualified bankruptcy attorney immediately to discuss a bankruptcy.
Answered on Sep 28th, 2011 at 6:03 AM
Criminal Defense Attorney serving Summit, NJ
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Stephen P. Dempsey Counselor at Law
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This is an all too common situation. You need to talk to a bankruptcy lawyer. They are like any other creditor.
Answered on Sep 28th, 2011 at 6:02 AM