How We Can Help you

Bankruptcy Blog

Library

What Will a Debt Settlement Office in St. Louis Really Do for Me?

I am surprised every day by the amount of people who think that debt settlement will be an easier and better way to handle their debt. I suppose I can’t be too surprised, though. Most debt settlement advertisements make over the top promises that sound too good to be true. These commercials imply that you’ll just be able to stick it to your creditors and walk away from your debt by hiring a debt settlement company. If only this were true.

Debt settlement companies in Missouri and Illinois—and across America—promise that you’ll be able to settle your debt for pennies on the dollar. If that were the solution to all the problems that come with debt, debt settlement companies would be booming with business. Unfortunately, there is a lot more to being in debt than just your balance.

Debt settlement companies can’t legally stop your creditors from calling you, can’t stop wage garnishments, can’t stop you from being sued or stop interest and late fees from accumulating on all your debts. They can’t even eliminate your debt completely. Debt settlement companies have you make payments directly to them until they get enough of a pool of money to make an offer to the lender. Meanwhile, nasty creditor calls, lawsuits, wage garnishments and the like continue. The worst part is that the biggest portion of the initial lump sum built up is their fee. So, what do debt settlement companies do that actually helps you get back to a normal life?

On top of all this, many debt settlement companies have turned out to be scams. They’ll request early payment, make claims that sound too good to be true, and claim that they can remove it from your credit report. Be wary; these are all signs of fraudulent companies.

“Ok, James, I get the idea that debt settlement is more trouble than it’s worth. But what else can I do? I need relief now!”

An alternative, and perhaps a better one, to debt settlement is Missouri or Illinois Chapter 7 bankruptcy. Chapter 7 bankruptcy can eliminate your debts completely with very few exceptions. You don’t even have to settle your debt for pennies on the dollar—you can get rid of it altogether. Plus, you can legally protect your family from the actions of your creditors.

You see, Chapter 7 bankruptcy is a very powerful federal law. Your creditors are powerless against it and can no longer garnish your wages, take your property, or harass your family over the phone after you’ve filed. Of course, you can still look into debt settlement, but you are putting your family in danger of never truly being able to escape your creditors. I know that’s a risk I wouldn’t want to take for my family. Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to learn more about one of the safest ways out of debt.

News

FAQs