Are you over your head in debt? No resources to pay back the creditors? Debt Settlement Companies are Evil! Gone are the days of pure non-profit credit counseling organizations and negotiating with credit card companies on your own. Now is the day of anonymous debt buyers suing you and debt settlement companies advertising all across the television and radio spectrum’s. I am a Houston Texas Bankruptcy Lawyer who works with folks in the great Houston Area reorganize and liquidate their debt.
As a Houston Texas Bankruptcy bankruptcy Lawyer, I have the distinct displeasure of cleaning up the mess that debt settlement companies leave behind. Sure, they advertise that they can help people with over $10,000 in credit card debt. And for the most part that claim is true. But it is the way they go about it, their internal procedures and the inherent logistical problems to achieve their goals is what makes debt settlement evil.
The debt settlement premise is to negotiate a reduced principal pay off somewhere in the neighborhood of 40 to 60 cents on the dollar. For example, if you owe a credit card company $10,000, you would offer to give them $5000 or 50 cents on the dollar. Balancing a number of factors such as how long it has been since you paid on the debt and the likelihood that they may not get anything else from you, the credit card company agrees to accept your $5000 and writes off the balance. You would continue doing this with all of your creditors until you have got them all to agree to accept something less than what you owe them and are now out of debt,
On paper, that sounds good, but in reality It hardly works out that simply. Personally, I have done debt settlement only three times in my career. It is normally not a good option, but I will consider it when someone has a pile of cash that just isn’t enough to pay their debts off in full. The money could be coming from somewhere like lottery winnings, personal injury award, inheritance or severance from a job or that person has someone willing to pony up the money. For example, the person owes $80,000 in credit card debt, but only has $50,000 available to pay her creditors. This is a good situation in which to negotiate settlements with your creditors.
There are a number of logistical problems with settling debt. The main one is that once you negotiate a reduced settlement amount, your creditor will want that money as soon as possible. Generally, you will have to send them that money within 30 days. So if you don’t have the funds available, you are in no position to bargain. With a Chapter 7 bankruptcy, you can clear out all the bad debt in 4 months. The creditors will go away and you can start over fresh. Bankruptcy may to you be a four letter word and not something you wish to think about. Are you working two and three job? When is the last time you took a day off? I mean a whole day? Taken the family to Galveston? or Memorial Park? Life is meant to be good. Every day that goes by is a day you cannot make up with your family. Personal Responsibilities is something I am not asking you to put aside. I am telling you that for years you have tried to get out of this mess and you are digging a deeper whole. Learn from your mistakes and never do it again. Get a fresh start now with a Houston Texas Bankruptcy Lawyer.
Our toll-free telephone number is at 1-866-912-9832. You need to learn about all of your options including information about credit, debt, bill consolidation services and federal bankruptcy law. Please call us at 1-866-912-9832 so that we can discuss your case. You can also visit our web site: www.busby-lee.com. Our attorney fees are reasonable, competitive, and court- approved. It is important that you call us soon. Our office is conveniently located near the Galleria and Highway 59 on Hillcroft between Richmond and Westheimer. Call us toll-free at 1-866-912-9832 for directions to our office.
We provide bankruptcy services in the greater Houston metro area including the cities of Katy, Sugarland, Pearland, Friendswood, Clear Lake, Bellaire, Bunker Hill, Deer Park, Denver Harbor, Galena Park, Cypress, Jacinto City, Jersey City, La Porte, Missouri City, Pearland, Sea Brook, Stafford, Alief and Galveston. We also handle cases from The Woodlands, Spring and Tomball and cases in Baytown and Channelview.
We handle bankruptcy cases in all of these counties: Brazoria, Chambers, Galveston, Matagorda, Austin, Brazos, Colorado, Fayette, Fort Bend, Grimes, Harris, Madison, Montgomery, San Jacinto, Walker, Waller, Wharton