West Virginia Bankruptcy Attorneys
The airwaves are filled with advertisements for debt consolidation agencies. Do these debt relief services work? What are the dangers of working with one of these agencies? Are they less expensive and do they return results quicker than filing bankruptcy?
The answers to these questions may surprise you. Before you agree to work with a debt consolidation agency, you should take time to obtain honest, objective information about your debt relief options.
Protecting Your Rights And Your Property
Hamilton, Burgess, Young & Pollard, P.L.L.C.., is a law firm that helps people obtain debt relief through bankruptcy filings and nonbankruptcy methods. As attorneys, we can do things that debt consolidation agencies can’t. We take full advantage of our laws and the court system to protect our clients’ rights and property and to guide them to a better future.
In a free, no-obligation consultation, a lawyer at our firm can answer your questions, explain your debt relief options and help you make decisions that are right for you.
Beware Of Debt Consolidation Agencies
In the debt consolidation model, the agency negotiates debt repayment arrangements with your creditors. You make one monthly payment to the agency, and gradually your debts are paid off.
These are but some of the many problems with this approach:
You are exposed to the possibility of foreclosure, repossession or a judgment — At any time, a creditor can break its agreement with the agency by initiating a collection action. In contrast, filing bankruptcy protects you against these actions.
You will make payments for months before seeing a significant reduction in your debts — Debt consolidation agencies usually take their fees upfront, before a penny goes to your creditors. Bankruptcy, on the other hand, provides immediate results via the automatic stay. In a Chapter 7, your unsecured debts will be completely eliminated within a few months. With Chapter 13, your debts are steadily reduced starting with your first monthly payment.
You must take what the agency and your creditors offer you — In the debt consolidation model, debtors have little bargaining power and your debt repayment plan may leave you short when it comes to paying your living expenses. Filing bankruptcy places the debtor in a much stronger position.
Interest continues to accrue — In contrast, interest and fees do not accrue in bankruptcy.
Creditor harassment can continue — Nothing stops a creditor from harassing you, even if you are making your monthly payment to the debt consolidation agency. Bankruptcy however, can stop creditor harassment for good.
Debt consolidation agencies are unregulated and can make promises they can’t keep — But attorneys are licensed and held to high ethical standards.
Free Consultation — Get Legal Help Today
Contact Hamilton, Burgess, Young & Pollard, P.L.L.C.., to schedule your free consultation. We represent people throughout West Virginia from our offices in Fayetteville and Princeton.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.