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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am in over my head with my monthly credit card payments.

Resolved Question:

I am in over my head with my monthly credit card payments. Is there a legal and legit company that can help! I have been receiving Debt Relief Informaton from a few companies and am unsure what to do. One group is the Labiner Consumer Law Group PA and the other is National Debt Relief, Debt Reduction Initiative. Are these legit companies?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Thank you for your question.

I cannot comment on the particular companies that you mentioned. However, you may negotiate with a different credit card companies yourself and obtain a similar or better result as most of the debt relief companies.

The first thing to be aware of is that a lender is not going to modify a fully performing loan. You will typically need to be 90 days behind before they will discuss modification. They will only modify to mitigate their risk . As long as you are paying, they have no incentive to modify.

if at that point you are unable to negotiate a satisfactory payment, you will want to consider filing a chapter 7 or chapter 13 bankruptcy.
Customer: replied 7 years ago.

That is not much of an answer, are you saying there is nothing that can be done unless I am seriously in trouble and at least 90 days late?

Expert:  Ellen replied 7 years ago.
yes I'm sorry but that is the way that it works
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