Alternative To Bankruptcy?
Are companies like the one listed below a trustful and good alternative to Bankruptcy?
Answer:
You pay money for their services and you get your unsecured debts settled. However, the bankruptcy courts are filled with people who went with options like these only to end up paying these people and the creditors for, essentially, nothing as the bankruptcy discharges the debt. I would suggest looking at your financial situation and then deciding if it's worth it. If you are deeply in debt, bankruptcy is probably the only way to go. What you can and cannot keep after bankruptcy depends on which state you live in, how much equity you have in your house, etc. If the first and second mortgage balances add up to more than the value of the house (unlikely from what you described), you "might" be able to get some or all of the second mortgage discharged through bankruptcy. Most likely, you will not be able to discharge the second mortgage. Another option would be a Chapter 13 "payment plan" bankruptcy. You should talk with a few bankruptcy attorneys in your area. Many provide free initial consultations. Then you'll know exactly where you stand. I would stay away from the credit counseling service agencies.
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