There are many companies offering debt relief today. Everyone from debt settlement firms, to debt consolidation firms, to home equity loan companies, to consumer credit counselors, to the bankruptcy lawyers.
So questions arise. Questions such as: Do ALL these companies really offer debt relief? If so, are they the same kinds of programs? Are they different programs? Do all programs work for all consumers? Or do some programs work better than others? We shall attempt to answer those questions here and now.
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What is debt relief? These are programs and services which have the stated goal of reducing and eliminating consumer credit card debt.
What is debt consolidation? Debt consolidation works by simply combining multiple loan payments into a single loan payment. This is almost always achieved by taking a new loan, most often in the form of a home equity loan.
What is debt settlement? Debt settlement works by a debt settlement firm negotiating on behalf of the consumer in debt with the consumer's creditors in order to obtain a reduction in the amount of principal owed.
What is bankruptcy? Bankruptcy is a legal proceeding in which a consumer or business declares themselves bankruptcy and unable to pay their debts. A bankruptcy can be a liquidation proceeding or it can be a reorganization. Bankruptcy can be filed voluntarily or involuntarily.
What is consumer credit counseling? Consumer credit counseling is a program in which certified financial planners assess a consumer's personal finances to determine ways and means to reduce spending, increase savings, and pay off debt.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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