Many debt settlement companies claim that they can quickly and easily help you get out of debt. You’ve probably seen the advertising – it’s everywhere. However, a number of debt settlement companies are more interested in helping themselves than in helping you. According to CBS News, some of the so-called debt settlement companies are exploiting their own customers – people who are already in deep financial trouble. Illinois Attorney General Lisa Madigan investigated debt settlement companies several years ago and told CBS News that, “You would be more likely to settle your debt by buying a lottery ticket than by signing up with a debt settlement company.” Instead of taking a risk, if you are in deep and mounting debt in the Dallas-Fort Worth area, speak first with an experienced Dallas bankruptcy attorney. Bankruptcy isn’t for everyone, but the sound advice of a seasoned bankruptcy lawyer can help you choose the best options and protect you from exploitation.

One drawback to debt settlement companies is that they have no legal power. Although they take monthly payments from their “clients,” a debt settlement company cannot stop creditors from suing you or force creditors to accept your offers. Debt settlement companies cannot actually guarantee that they will settle any of your debts. In fact, if your debts are substantial – and your creditors are many – you should probably learn more about bankruptcy and speak to a good bankruptcy attorney promptly.

Use abundant caution. Don’t do business with a debt settlement company that “guarantees” to settle your debts – and then charges you a fee upfront. Debt settlement companies can’t keep such promises, and you might actually wind end up even deeper in debt. In the Dallas-Fort Worth region, if your debts are mounting faster than you can pay them, you deserve frank and candid advice. Discuss bankruptcy and your other debt settlement options as quickly as possible with an experienced Dallas bankruptcy attorney.