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Photo of attorneys Shelley Slafkes and Bruce Levitt
Photo of attorneys Shelley Slafkes and Bruce Levitt
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Why a Bankruptcy Attorney is Better than a Debt Relief Company

On Behalf of | May 8, 2015 | Why Hire an Attorney?

When you are struggling to pay your bills, you are looking for every way possible to save money. However, if you are not careful, you can become the victim of a scam and end up losing much more than you thought possible! Thus, if you see an advertisement that makes guarantees and promises to resolve all of your consumer debt problems, but it sounds too good to be true, proceed with caution. There are hundreds of stories about consumers being taken advantage of by unscrupulous debt relief companies.

Many debt settlement agencies promise that they will lower your debt by 50%. However, they will set you up with a repayment plan that will last for several years and you will be required to pay costly fees during this time. In fact, most debt settlement companies apply your first few repayment plan payments to cover their own fees, with no (or very little) payments being made to your creditors. This can lead to you owing significantly more on your debt amount due to the interest and late fees that continue to accumulate. Although your plan payments may be lower, the overall total amount you end up paying on the debt, fees and costs included by the debt relief company typically exceed the original amount you owed by hundreds or even thousands of dollars!

It is important to understand that there are no guarantees when it comes to settling debt. Your creditors are not required to negotiate with debt settlement companies. They cannot be forced to settle for less than what is owed.

If you are interested in settling your debt, consider working with a debt relief attorney that you can trust. Creditors are motivated to settle with you when you are represented by a bankruptcy lawyer because they know we can help you discharge your debt in a personal bankruptcy case, which typically means the creditor will get paid nothing!

We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation with an attorney at Levitt & Slafkes, P.C..