When considering filing for bankruptcy, it is important to get impartial, unbiased advise to help you make the best decision for you. There are many people who claims to offer this advise, but unfortunately many of them have their own agendas, meaning that their advise can be at best skewed, and at worst completely wrong.
The following people and companies will often claim to offer impartial advise, but it is important that you bear certain facts in mind when discussing your finances with them:
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Credit Counselors
If you need help with budgeting or handling creditors, credit counselors can be extremely useful. They have a lot of experience in these areas, and can use their knowledge to help you make sense of your situation.
However, be aware that many of them are employed by creditors. This means that they will often work in the best interests of their employers, encouraging you to find ways to pay back the money you owe them, when in reality a different solution such as bankruptcy may be more appropriate.
Debt Consolidators
These companies often baffle you with science, telling you that they can take all of your debts and lump them together into one low, easy monthly payment.
What you need to remember is that these people aren't out there for your own good, they're trying to make money. And that money has to come from somewhere - namely you. Be sure to examine any offers very carefully, as they may not be as good as they sound. For example, although your monthly payments might be lower, they'll most likely carry on for a lot longer than your original payments would, costing you most in the long run.
Bill Collectors
Seeing as their job is to get you to pay up, it's hardly surprising that they will often tell you all manner of lies, or severely bend the truth, to get you to do what they want.
So if all of these people have their own hidden agendas, who can you turn to for truly impartial advise? Thankfully there is an answer. Financial lawyers have intimate knowledge of the financial system, and are bound by codes of conduct to present truthful, unbiased information. Although they aren't always cheap, you can be sure that you're getting the advise YOU need to hear, rather than what somebody else wants you to hear.
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