If you’re being buried in bills in the Chicago area and you don’t know how you’re going to pay off your debts, you may think a company that promises to erase the debt for pennies on the dollar is the solution to your money troubles. It isn’t. Debt settlement schemes can be risky, and they can have serious, long-term consequences for your credit report and your ability to get credit in the future. Don’t fall for a debt settlement scam. If your debts are piling up and you can’t see a way out, speak instead to an experienced Chicago bankruptcy lawyer. Debt settlement scams seem to be everywhere. Avoid doing business with any company that:

– guarantees that your debts will go away
– charges you fees before settling your debts
– promotes a “new” government program to help settle debts
– promises to stop lawsuits and debt collection calls
– guarantees that your debts can be satisfied for pennies on the dollar

Debt settlement companies simply cannot make such guarantees, and you could end up even further in debt. Working with a debt settlement company is just one option for dealing with your debts, and it’s often not the best option. You could also consider bankruptcy. Bankruptcy is a legal way to get a fresh start, and not just for individuals and families. Corporations and even cities are taking advantage of bankruptcy laws to restructure their debts and establish a fresh financial start. In the greater Chicago area, if your debts are becoming unpayable, get honest debt advice from an authority and discuss your options immediately with an experienced Chicago bankruptcy lawyer. While bankruptcy is not the answer for everyone, the seasoned advice of a good bankruptcy lawyer can help you decide on the right option and protect you from being exploited by a debt settlement scam.