Bankruptcy Vs. Debt Consolidation

I work for a law firm that specializes in bankruptcy. Many of our clients have tried the debt consolidation just to be left frustrated and still in debt. Please feel free to call our office and they can go over all your questions over the phone to see if this is something that best for your situation. The attorney has been doing this for over 15 years and really knows what he is talking about. You can call 1800THEDOGS and follow the prompts or call ###-###-####. I hope this helps.

C.

Hi R.,
I know how you feel. I was in the same shoes about 3 yrs. ago. A company called Primerica helped with my situation. I was able to pay off 23,000 in credit card debt my first year by learning the simple concepts that they teach. I now work full time w/ the company and educate other families on how money works. We also teach a lot of the same things that Dave Ramsey teaches. We offer a complimentary Financial Needs Analysis to families as well. If you're interested let me know, I might be able to help. Good luck w/your search.

We did debt consolidation and the same thing happened to us. They dispersed it late. So we pulled out and filed bankruptcy in Dec. Same problem we couldn't afford to pay period. Its been good so far.

I would recommend contacting your creditors directly & ask to be put on a payment plan. Both options can really hurt your credit! I know this is a very difficult situation to be in. Good Luck!

I have experience both. My husband (now ex) and I did debt consolidation because we wanted to lower our debt payments into one payment. However, they screwed up our credit since they dispersed payments once a month and the credit companies accepted them as being late. So some of them would charge a late penalty. Which would then increase our total amount owed. Finally, we just filed for straight bankruptcy. However, this was when it was less strict... I know the laws on bankruptcy have changed since then and have more strict requirements. We were discharged with our bankruptcy in 2000. So it's been 7 years... whooyoo!!!

It did hurt my credit because it says "Bankruptcy" but I have been able to slowly build it back up. I have a car in my name as well as credit cards. Granted, with a higher APR, but they will go down once they see your intent on being credit worthy.

Good luck to you!

R.,

Have you considered debt settlement...unlike Bankruptcy it does not have the long term effect on your credit. The creditors are asked to show "paid in full" upon settlement and the payments are less than debt consolidation - which looks just as bad to creditors on credit. Based on how much debt and how much you can afford our clients are debt free in 18 - 36 months. For more info, contact me and I will prepare a debt analysis comparing the three based on your total unsecured debt amount.