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I am considering debt settlement due to a large loss of

Customer Question
I am considering debt...

I am considering debt settlement due to a large loss of income are there any honest companies out there

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Kentucky

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No I just don't want to be stuck in a scam I just need help with the credit card debt

Submitted: 4 months ago.Category: Legal
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Answered in 17 hours by:
3/10/2018
Lawyer: Trista Johnson, Lawyer replied 4 months ago
Trista Johnson
Category: Legal
Satisfied Customers: 19
Experience: 10+ Years of Law Firm and Corporate In-House Experience
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Good Morning. My name is ***** ***** I'm here to help. I'm reviewing your question now and will post a full response momentarily.

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Lawyer: Trista Johnson, Lawyer replied 4 months ago

I'm sorry you are experiencing loss of income. I know how stressful that is and how important it is to be cautious and thoughtful in your decision-making on how to best tackle outstanding debt.

I've been in the business for over 10 years now and have represented both consumers and financial institutions. I haven't had contact with all the debt-settlement providers across the country, I have yet to come across one that I would feel comfortable recommending to a client. That's not to say they don't exist, but you are right to be cautious because there are some dishonest ones out there who take advantage of people in your position, which compound your situation.

Debt settlement companies are for-profit business that charge for a service you can provide on your own. Have you thought about or tried negotiating with your creditors? Many creditors are willing to work with you when you experience an event like a job loss and don't have the ability to pay the entire outstanding amount, but do have the ability to pay something. If you are able to offer a lump sum, that is even more enticing to the creditor. Let the creditor know you don't expect your situation to get better, that you have a limited amount to pay off creditors, and that if you can't do so, bankruptcy is on the horizon.

This article by the FTC discusses this topic and I highly recommend you review it. If you do choose to proceed with a debt settlement company, the FTC provides guidance on how to research each individual company and find out if they've had complaints. Go to https://www.consumer.ftc.gov/articles/0145-settling-credit-card-debt

I hope this answers your initial question and provides enough information for you to move forward. Please let me know if you have any follow-up questions. Thank you for choosing JustAnswer.

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Category: Legal
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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