Living under a cloud of ever-growing debt can be positively crushing. Over time, what initially was a financial problem can spread to infect virtually every area of your life. Calls from debt collectors to your place of employment can be embarrassing, and wage garnishments can serve as grounds for your termination; a lack of funds and the resulting anxiety can cause you to become socially withdrawn; and financial concerns are cited in many divorce cases. When you feel like your life is crumbling around you because of debt pressures, the temptation can be great to grab onto the first offered solution without properly considering the ramifications of the associated course of action.
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Debt settlement companies may present you with an apparently attractive path to eliminating your debts. But they may fail to clearly explain a number of important details about how they conduct their service or how they will handle your case. Before you sign up and trust a debt settlement company to take care of your debt struggles, it is important that you learn about some of the possible drawbacks.
Risks of Debt Settlement
Each company handles its affairs differently, so it would be difficult to offer universally applicable advice. The following are some general concerns and pieces of information that can help you to choose the right course of action, whether it is bankruptcy or debt settlement:
Many creditors will consider negotiating a settlement with a debtor who has become severely delinquent, without the assistance or expense of representation A debt settlement company is not qualified to handle your case if a creditor pursues legal action and will cease to help you in the event of escalation Until you have saved your settlement payment in full, the company will not submit payments on your debts, meaning that there will be no improvement of your credit or overall financial health Fee and cost structures may not be explicit
To Learn More
To learn more about bankruptcy and other debt resolution options, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C.
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