Filing bankruptcy chapter 7
The Debt Settlement industry is filled with controversy and consumers need to know if debt settlement really works. In some cases debt settlement will help someone settle their unsecured debt but a debt settlement company typically can’t stop wage garnishments, liens or judgments from your creditors. If you are late on your credit cards and want to eliminate credit card debt then filing bankruptcy chapter 7 might be a better solution. While debt settlement programs might work in some cases the truth is your creditors will continue to harass you with collection calls if you are not paying your credit cards. With a debt settlement program your money is suppose to go into a trust account and held awaiting settlement with your creditors. Unfortunately for many consumers, creditors will escalate their collection efforts once they know you are in a debt settlement program. Some bankruptcy attorneys offer debt settlement services as well as filing bankruptcy. “Some of our clients are not good candidates for bankruptcy and negotiating a settlement with their creditors might be a better solution for them” says James D. Zhou, California bankruptcy attorney and senior partner at the Law Offices of Zhou & Chini. While debt settlement may be a solution for some, most debt settlement companies take all their fees upfront making it hard to settle the debtors debt in a timely fashion. If they fall out of the debt settlement program they will normally lose all the money they paid the debt settlement company. Hiring a bankruptcy attorney rather than a debt settlement company to eliminate your debt might be a better option, being a bankruptcy attorney is held to higher ethical standards and will normally drive better results. Additionally, bankruptcy law protects one from their creditors harassing them and offers immediate debt relief. So while debt settlement programs may work for some, bankruptcy might be a better option if you are facing judgments, liens or wage garnishments. If you are considering filing bankruptcy or entering into a debt settlement program contact a bankruptcy attorney who can help you file bankruptcy if debt settlement is not a good option for you. This information has been provided by the bankruptcy attorneys at Zhou & Chini who service the entire state of California. For more debt settlement or bankruptcy information visit www.BankruptcyAttorneyinCalifornia.com
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