Jun
18
Survive Bankruptcy
Filed Under Finance | 5 Comments
If you are headed down the road to bankruptcy, then you have probably run into several people or companies that claim that they can help you out of your woes. And a lot of times these things sound too good to be true. Of course when things sound too good to be true, it is often because they are too good to be true.
The first one I encountered was credit counseling. It sounds so nice, doesn’t it? I pictured going into their office, laying on a psychiatric couch and blaming everything on my parents. But when I got there, it was nothing like that. In fact, these people start out by trying to charge you money. Well my lack of money is what got me there in the first place!
So then I checked into debt consolidation. In a nutshell, they take all of you current debts and combine them all into one big pile of new debt. The problem is that the amount of debt doesn’t change though. So it really fixed nothing.
There was one company that did help though. They actually renegotiated my debts. I went from owing over $17,000 to owing less than $7,000. These companies do really exist, but they can be hard to find because debt consolidation companies and credit counseling companies mislead people into thinking that is what they do.
