Debt settlement companies typically seek to assist consumers by settling their outstanding debts for less than is owed. A reputable debt settlement company will never take a fee up front for its services. However, many debt settlement services end up being scams. The biggest risk to approaching debt settlement as a consumer defense strategy is that the creditors are under no obligation to settle debts, and may simply proceed to collection litigation. If the debt is secured by a house or a car, then the creditor may simply proceed with a foreclosure or vehicle repossession instead of negotiating with the debt settlement company.
If you are in a similar situation and could use some help, contact us today online or by telephone at (312) 313-1613 to speak with an experienced Chicago bankruptcy attorney.