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VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
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debt setlement companies are they real or they just make t

Customer Question

I owe 60.000 credit card debt I own a small flower shop I dont own a house my credit cards they are going out of my control with the interestdebt setelment they said will reduce it up to 60% or bankruptsy help please if I do setle I have to complete the program the said it takes 4 years thanks
Submitted: 9 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 9 years ago.

Hello madonado59,

Debt consolidation companies can be useful, but they can hurt your credit rating just as much as a bankruptcy. They will also be in your life for four years, or the life of the "plan". It has been my experience that even after doing debt consolidation, hat bankruptcy is still something people have to consider.

Make sure your company is reputable, check them out thoroughly. If what they are telling you doesn't make sense or is too good to be true, go forward with cautious optimism. These companies can help people, and often have, but they are also in it to make money for THEM.

I would consult with a bankruptcy attorney befoe agreeing to anything to go over all your options.