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Wondering Whether Bankruptcy Alternatives Make Sense?
There are a lot of misunderstandings and myths about bankruptcy. The credit card industry is responsible for loading up consumers with billions more dollars in debt than we can possibly repay in many lifetimes, yet they want us to believe that we should look at every possible alternative before we exercise our ability to file for bankruptcy.
At the Florida Debt Relief Center, LLC, we don't take bankruptcy lightly. We see it as a means to help millions of hard-working, honest individuals and families get a fresh start when life throws them a few curves. In its largest sense, bankruptcy is a financial planning tool that enables families to protect their own financial future by saving the money they would otherwise pay to creditors in the form of high interest rates, late penalties and annual fees.
Free Consultation • Affordable Fees • 100% Money back Guarantee
If you are starting the discussion about bankruptcy alternatives in your family, start by getting straight answers. Contact our offices in Fort Lauderdale or West Palm Beach to arrange a free consultation with one of our attorneys today. In most cases, we can stop the harassing collections calls the next day. You need breathing room. Our lawyers will help you find it.
What About Credit Counseling and Debt Consolidation Services?
The TV and radio airwaves are full of commercials advertising nonprofit or independent credit counseling services. They promise to work with your creditors to reduce your interest rates and lower your individual monthly payments. But in most cases, they are actually funded by the credit card companies. They work by lumping your payments into a large single payment, then spreading the plan out over five years. Instead of eight or ten individual minimum payments, you will be expected to pay a single payment, based on what you owe and NOT your ability to pay. In other words, they ask you for your income information but ignore it when setting up a repayment plan. That's crazy! Many people who sign up for these plans end up filing bankruptcy within a year or so.
What About Debt Settlement Companies?
Many states have declared debt settlement companies illegal because they charge their fees up-front, with no promise of ever doing anything for the client. Under their plans, you pay into a "special" account controlled by them until the amount reaches a predetermined level the company thinks it can settle for. During the time you are paying in, however, you are still on the hook for all of your debt with your creditors, late fees and penalties. Nothing good happens for you until you have reached the required level, which is often in the tens of thousands of dollars. If you back out of the plan and decide to declare bankruptcy, the company keeps its agreed-to fee, often as high as three to four thousand dollars, and returns whatever remains in your account — if you are lucky. Absolutely no contact has been made with any of your creditors.
What If You Decide to Do Nothing About Your Debt?
Ignoring your monthly payments and deciding to let your debt go into default is never a good idea. While some of the smaller creditors may decide to simply go away after a series of aggressive collection calls and letters, most of the larger creditors will not. Each account may be submitted to civil court for a judgment against you and the courts will apply legal efforts such as wage garnishments and liens against your property and income to recover the money owed on behalf of the creditors. Debt didn't get there on its own. It won't go away on its own, either.
Chapter 7 • Chapter 13 • Keep Your House and Car • Eliminate Tax Debt
When you do the math, bankruptcy alternatives usually don't make much sense. We have been helping residents of South Florida overcome their debt problems through bankruptcy for nearly 20 years. Let us help you get the fresh start you need. Contact us today.
We are a debt relief agency. We proudly help people file for bankruptcy relief under the Bankruptcy Code.
