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Georgia bankruptcy lawyers warn against debt settlement companies Atlanta, GA

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Georgia bankruptcy lawyers warn against debt settlement companies

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When you are deep in debt with no foreseeable way of getting back on solid ground, you may be desperate for any relief from your financial situation. This is why many people who are seeking debt relief see debt settlement companies as a good way – or perhaps the only way – to get back on their feet.

Unfortunately, that is rarely what happens. Debt settlement companies’ methods work for only a fraction of the people who utilize their services, and the majority are left with even larger financial problems than they had when they enlisted the companies’ services. This is why several organizations and agencies have expressed their disapproval of the companies and advised debtors to find other methods of managing their debt.

Recently, the National Association of Consumer Bankruptcy Attorneys (NACBA) estimated that debt companies have a success rate of about 10 percent, despite the companies’ assurance that their methods work for one-third of their clients. Regardless of which number is correct, the vast majority of debtors are not seeing their situations improve. And because the companies instruct their clients to default on their loans, many come out of debt settlement with higher interest rates and significant fines.

This is why the incoming NACBA president states that “debt settlement schemes are the number one problem facing America’s most deeply indebted consumers today.” That sentiment was echoed by the Better Business Bureau when it labeled debt settlement an “inherently problematic business.

As such, if you are deep in debt, it may be in your best interest to contact a bankruptcy attorney instead of hiring a debt settlement company.

Source: Deseret News, “Debt settlement schemes can sink you deeper in the hole,” Sean Parker, Oct. 19, 2012

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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