Avoiding Bankruptcy Through Debt Consolidation … It's Not as Easy as It Seems
Warning: Many people are so anxious to avoid bankruptcy that they are vulnerable to scams. There are disreputable companies that will promise you they can reduce your debt by an enormous percentage and put you on an affordable payment plan. Don’t be taken in by a scam. You are better off consulting a licensed and insured attorney up front.
It is an unfortunate fact: Many debt consolidation plans fail. Why? Many people enter into debt negotiation with the best intentions. They want to avoid the perceived stigma of bankruptcy. They honestly want to repay their debts. Other people have been led to believe that debt negotiation will leave them with good credit. This is not correct.
But what happens if you get sued along the way? Do you have a lump sum to pay the debt in full or to hire a lawyer to defend you which will delay the inevitable judgment which is coming? What happens if you lose your job or encounter unexpected financial difficulties and are unable to keep up with the negotiated payments? Your creditors can (and probably will) still file suit. Now you are worse off than before because you have paid a substantial amount of money to a debt consolidation service for nothing.
Weintraub & Selth is a bankruptcy and debt relief law firm, not a fly-by-night debt consolidation service. When our experienced attorneys undertake debt negotiation on behalf of our clients, we bring to the table a thorough understanding of the law and a commitment to provide ethical legal guidance to individuals and businesses in the Los Angeles area facing overwhelming debt.
We are licensed and overseen by the California Bar Association. Our lawyers are insured. We do the due diligence up front: If you are not a good candidate for debt negotiation or if the risks are simply too high, we can help you explore other options, including business or personal bankruptcy.
Please call our L.A. offices at (310) 584-7702 or toll free at (866) 572-2423. You may also e-mail us now with any questions or to request an appointment.
