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Debt Consolidation vs. Bankruptcy

Many clients come to us after going through difficult experiences with debt consolidation companies. We’ve heard about a wide range of experiences from clients regarding debt consolidation companies. Most people will pay service fees anywhere from several hundred to a thousand dollars a month to “potentially” consolidate debt. The debts that they are unable to resolve continue to deteriorate credit scores and damage credit history. Most people try to use debt consolidation in order to avoid bankruptcy, but don’t realize that bankruptcy may be the fastest and most inexpensive way to repair your credit. If you are considering paying $1000 per month to allow a company to negotiate your debts with a creditor without knowing if the service will actually work or not, you should definitely consider a consultation with a bankruptcy attorney along with other options. You may be able to wipe out all of your debt with only one payment of about $1000 for a Chapter 7 bankruptcy. Credit will start to improve immediately after the bankruptcy because your debt to income ration will completely change when your debts are totally discharged. It is true that the bankruptcy will stay on your record for 10 years, but that does not mean that no one will extend you credit for 10 years. Many of our clients receive credit card offers almost immediately after bankruptcy and we have seen our clients get car loans and home loans within 2-3 years of a bankruptcy. Once again, if you are considering debt consolidation, it would be in your best interest to also include a free bankruptcy consultation with us, Bankruptcy Law Professionals.

If you are in the Greater Los Angeles, Orange County or Inland Empire, we have multiple offices to serve you. We can be reached anytime at 855 257-7671.

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