The Law Offices of Kenneth E. Lindauer
Call today for free initial consultation
800-496-1082

Debt relief can look very different to different consumers

Some readers of this Massachusetts bankruptcy blog may be familiar with the marketing slogan, "One size fits all." Products and services that are given this designation are intended to work for any person, regardless of the many qualities that make him or her unique. While one size fits all promotions may work in some industries and markets, it is not a good policy when it comes to consumer debt relief.

The reason it does not always work is because every consumer debtor is different and every debt situation requires its own methods for recovery. The ways in which different consumers build their debt can vary greatly, and so too do their abilities to pay down debt after it has been accrued. The Federal Trade Commission describes several different ways that individuals can find debt relief that matches the circumstances of their lives.

First, some debtors may be able to alleviate their financial challenges all on their own. They may be able to work directly with their creditors to reduce their payments, set up repayment plans and negotiate other terms to make the satisfaction of their debts more feasible. When self-help remedies are not enough, debtors may look to third parties for assistance.

Second, the FTC cautions consumers to do their due diligence before hiring a debt relief company to help them find debt relief. Not all debt relief companies are created equal and some are disreputable organizations that prey on individuals in need of help.

Finally, when self-help and debt relief support do not work, a debtor may consider filing for consumer bankruptcy. Attorneys who work in the bankruptcy field can help their clients better understand how bankruptcy may support their financial needs. Other methods of finding debt relief may also exist, and debtors can speak with their legal representatives about how to lower their overwhelming financial burdens.

No Comments

Leave a comment
Comment Information