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Before you take action to enter a debt consolidation program costing you thousands of dollars and, nevertheless, significantly lowering your credit score, contact a licensed bankruptcy attorney, and know your rights and remedies under the law!
We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code. The Missouri Bar reminds you that the choice of a lawyer is an important decision and should not be based solely on advertising materials.
Many are confused by a barrage of radio and television advertising suggesting debt consolidation is preferable to bankruptcy. What’s more, debt consolidators rarely give the whole story on the flaws and failures associated with debt consolidation. Before you spend thousands of dollars in consolidation fees and pay your creditors substantial sums of money, you should understand the critical differences between bankruptcy and debt consolidation. Then, you may choose the option best suited to your individual circumstances.
Call ROC Law to share the details of your case, and we will let you know about the steps you need to take for debt consolidation or to file bankruptcy. Get a FREE legal consultation today!
*The debts are removed once a discharge order is entered, usually 90 to 100 days after filing date.
**Debt consolidation typically requires 50 to 75% repayment to creditors.
***Chapter 7 bankruptcy typically involves no money ($0) being paid to any unsecured creditors.
A common misconception links bankruptcy filing, and not debt consolidation, to a reduced credit report score.
Here are the facts: Bankruptcy remains on a credit report for 10 years, but will typically begin improving a credit score within 12 months. Meanwhile, after 3 to 5 years of paying a debt consolidation program, many are surprised to learn the closed accounts are reported “paid as compromised” and not “paid as agreed.”
This effectively “locks in” negative information on the credit report for 7 more years. Critically, only bankruptcy actually removes prior negative comments from a credit report. And, no debt consolidation program can erase prior delinquencies, charge-offs, or compromised settlements of debt.
To schedule a free consultation and discuss your case with our professional attorney in St. Louis, Missouri.
Awarded Martindale-Hubbell Client Champion Award 2019, 2020, and 2021
Fought for clients in over 5,000 bankruptcy cases
12964 Tesson Ferry Rd Suite B
St. Louis, MO 63128
Our office is conveniently located near Interstates 55 and 270, and half a mile from St. Anthony's Hospital.