You Don’t Need the Assistance of a Debt Counseling Service to Get Out of Debt

Debt and Your CreditorsMany Floridians who have financial problems seek, the assistance of a debt counseling service so they don’t have to deal with the harassing calls from creditors or collection agencies.

Debt counseling service companies will negotiate with your creditors to revise the terms of your debt: new interest rate, monthly payments and balance.

Unfortunately, many of these services are “in bed” with your creditor or they will sell your account to another company who won’t make payments. Or even, worse, the debt counseling service company won’t make the payment, make them late or won’t keep good records.

While idea of consolidating your debt and making one payment to the debt counseling service looks attractive, debt counseling services aren’t always the right solution.

An alternative may be filing for a Chapter 7 or Chapter 13 bankruptcy. Under Chapter 7 bankruptcy you may be able to resolve your unsecured debt and creditors may have to satisfy with taking little or nothing.

Depending on your financial circumstances, Chapter 13 bankruptcy may allow you to structure your debt over time so that you can minimum affordable payments. Your creditors will have to accept the payments that the bankruptcy court approves.

You can be sure the bankruptcy court will provide you with the protection from harassing creditors and the opportunity to get a fresh financial start.

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