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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 Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

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.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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