Chicago Bankruptcy Lawyer Blog

There's a big difference between debt relief and debt relief. And no, that's not a typo.

You've probably heard the advertisements on the radio and read them on the Internet - so-called debt relief companies claim they can negotiate with your creditors in order to get your debt paid off. They promise you'll have a low monthly payment and freedom from debt in just a few years, or even a few months. How can you go wrong, right?

But just because a company has "debt relief" in its name or slogan, that doesn't mean they can get the job done.

Continue reading "Bankruptcy Can Sometimes Lower Debt When Chicago Debt Relief Companies Can't" »

If you've got too many debts to keep track of, consolidating them into one big bill makes sense, right?

In theory, yes. Reality, however, is another story.

If you're like most folks, you've probably heard debt consolidation companies claim they can lend you money to pay off your debts at a lower interest rate. But what you're hearing is only half the story. That's because a debt relief company that wants your business isn't going to tell you the truth - that signing up for their services can actually leave you in more debt than before.

Continue reading "Debt Consolidation Scams Can Actually Keep Chicago Consumers in Debt" »

When my credit debt was at its highest, I encountered a very interesting phenomenon. It seemed as if I was getting more credit and loan offers - and some at better rates - than ever before. It just didn't make sense - why would anyone rather lend money to a person with a history of inability to pay?

The DebtStoppers attorneys in Chicago and Atlanta finally helped me figure it out - they're scams!

All of these offers had something in common. Many were coming from debt consolidation companies promising low rates and no credit requirements in exchange for upfront payment. Anytime someone wants payment before providing a service, it should raise a red flag. Why? Because after you provide the upfront money, the debt consolidation lenders do one of two things: they either disappear or they tell you that there was a problem with the loan at the last minute -- it's not going through, and your payment is nonrefundable.

Continue reading "Chicago Bankruptcy Attorneys Caution Against Consolidation Loan Scams" »