If you are overwhelmed by debt, you may have noticed advertisements for debt consolidation companies. At Balbus Law Firm, we encourage you to research these companies and learn how they really work before giving them your money. We also encourage you to consider bankruptcy as a smarter alternative to debt consolidation.

Facts About Debt Consolidation Companies

The most important fact to know about debt consolidation companies is that they have no oversight. They are not regulated in any way. There are no guarantees.

You should also know that, if you hire one of these companies, you must pay close attention. What happens if they are not able to settle all of your debts? What happens if you miss a payment? All too often, we have worked with people who found their financial situations even worse after something went wrong with their debt consolidation plans.

Bankruptcy May Be A Smarter Choice

Debt consolidation companies play on peoples’ fear of filing bankruptcy. They harness the misinformation that exists about the bankruptcy process and they use it to get business. However, unlike debt consolidation companies, bankruptcy is supervised by the United States government. And debt consolidation frequently is more expensive than bankruptcy.

Furthermore, you will be able to work with a lawyer who is trained to legally reduce or eliminate debt, as opposed to working with an employee at a debt consolidation company who likely has no legal background with no guarantee that your debts will be permanently settled with all of your creditors.

To Learn More About Debt Consolidation In Bankruptcy, Contact Us For A Free Initial Consultation

To learn about debt consolidation in bankruptcy in a free initial consultation, call 203-286-4121 or email us.

Balbus Law Firm is a debt relief agency. We help people and businesses in New York and Connecticut file for bankruptcy relief under the Bankruptcy Code.