Learn The Debt Consolidation Facts

Debt such as credit card debt, medical bills and sometimes even car loans can be consolidated into one payment by debt consolidation companies. However, the key word here is "can." If you go to a debt consolidation company, they will make an agreement with you to negotiate with your creditors into getting one monthly payment with a fixed interest rate. If successful, this is a good concept. However, many and maybe most times debt consolidators are not able to get all creditors to agree. If just one creditor is left out, they can sue you for your liabilities.

In response to any lawsuit, a debt consolidation company is unlikely to help you. Instead, they will say they are "not lawyers" and will do nothing to protect your interests. A bankruptcy attorney can protect your interests in the event of a lawsuit. Filing for bankruptcy provides federal bankruptcy court protection and many other advantages.

At the law firm of Simon, Fitzgerald, Cooke, Reed and Welch, we want you to be well-informed regarding all your options and how each one applies to your particular circumstance. Our firm has been practicing bankruptcy law for well over 50 years.

Bankruptcy Versus Debt Consolidation

If you are trying to decide between bankruptcy and debt consolidation, we can help answer your questions about both. Schedule a free initial consultation with one of our experienced Louisiana bankruptcy lawyers. There are no Chapter 13 upfront fees.

Call 888-341-8091 or contact us online for a free consultation at our nearest office:

Shreveport • Alexandria • Lafayette

Why Chapter 13 Bankruptcy?

Chapter 13 bankruptcy has many benefits compared to debt consolidation. Chapter 13 bankruptcy allows you to restructure unsecured debt into a three- to five-year payment plan. All creditors have to comply as it is court ordered. If you are facing home foreclosure or motor vehicle repossession and creditor harassment, Chapter 13 automatic stays all of these.

Why Chapter 7 Bankruptcy?

Chapter 7 bankruptcy relief has one major advantage over debt consolidation: the ability to discharge debt. Debt consolidation does not and almost never does reduce the debt that you owe. Chapter 7 also puts a stop to creditor harassment.

Focusing On Your Long-Term Financial Needs

We're not here to talk you into bankruptcy, or talk you out of the alternatives, but to give you the facts of both. Our attorneys can represent your interests in debt consolidation or loan modification. We offer free initial consultations. Call us today at 888-341-8091 to discuss bankruptcy or debt consolidation.