What do I do? Do I have options? Isn't bankruptcy going to ruin my credit for seven years? Shouldn't I call a Debt Consolidation company first?
There is a common misunderstanding when it comes to bankruptcy. Over the years, the term has come to mean failure or financial ruin. This myth is simply not true. In fact, it is often just the opposite. At the Debt Doctors, we have found that when you are in financial distress, the damage you fear to your credit from bankruptcy has already been done as a result of your late and missed payments.
The good news - Bankruptcy can provide you with a new financial beginning - a clean slate!
It's amazing that a whole industry has been created by banks and credit card companies to take advantage of your fear of bankruptcy. The debt consolidation companies, the debt settlement companies, and the credit counseling companies are all the same thing - a last ditch effort to collect the money you owe. These companies are not in business to help you - they are in business to help the bank or the credit card company.
Before you sign up with one of these "collection companies", call the Debt Doctors and we will sit down with you - for a free consultation - and help you make the right financial decision for you!
There are so many reasons why bankruptcy is always the better option. In this article, we are going to discuss the key reasons, why a free consultation will help you decide what to do:
We are Attorneys, Not Customer Service Representatives
The Debt Doctors at Quatrinini Rafferty are attorneys. We are required to adhere to a strict professional code of ethics. In addition, we must complete annual, continuing legal education - that means we go to school every year to keep up with the changes in the law.
As attorneys, it is our professional duty to act solely in the best interest of our clients. Period.
At the Debt Doctors we take our job very seriously. It is our professional responsibility to give you valuable advice. Our ultimate goal is to leave you in a better financial place than where we found you.
These standards do not exist with debt consolidation, debt settlement and credit counseling services. In most cases, their objective is to make money off of your debt and sell you a service that fails more often than it succeeds.
Bankruptcy is a Legal Remedy Provided to You By Federal Law
Bankruptcy protects you from your creditors.
As soon as you file for bankruptcy, a federal bankruptcy court issues an order called an automatic stay. What does that mean? It - immediately - prohibits debt collectors from calling you, suing you, taking your property, or attempting to collect the debt. In other words, they are not going to show up at your door or sneak on your property in the dead of the night and haul your car away. They are not allowed.
Once you go the whole way through the bankruptcy process, you receive a second court order called a discharge. What does this mean to you? The discharge order gives you permanent protection against collection of any and all debts which you incurred prior to filing the petition for bankruptcy. Yes, it is true. You can start over without looking over your shoulder worrying about the old debt.
And, this is just part of the story. In Part Two of WHEN YOUR FINANCIAL WORLD IS TURNED UPSIDE DOWN we will talk about other powerful financial tools - tools that help you start over - that are available to you while you are going through the Bankruptcy process.