Thank you for your question. I am happy to assist you.
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Typically a consolidation company cannot do any more for the consumer than the consumer could do for himself. Usually a person can negotiate with the creditors at least as effectively as the consolidation company and save the fees.
You may also want to consider your bankruptcy options. As an individual, there are two types of bankruptcy available. A Chapter 7
and a Chapter 13
. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.
A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your states exemptions.
A Chapter 13 bankruptcy is a repayment plan
for an individual. It may require that you repay some of your unsecured credit card debt period of time. However, you may retain assets that exceed your exemption.
If you let me know what state you reside in, I will be happy to direct you to a list of bankruptcy exemptions for your state.
Best wishes for a Happy and Healthy New Year!