Recently, I met with a client who was feeling upset and disillusioned with the so-called debt relief services being provided by one well-known company. I'm sure you have seen the commercials and received junk mail from similar services that promise relief from your cumbersome debt by paying them a fraction of what you owe.
Clients who come in to Steidl and Steinberg with debt in tow will often say, "I know this doesn’t seem like a lot of debt compared to most of the clients you see.” The funny thing is I hear it from people with anywhere between $8,000 and $30,000 in debt. Or sometimes more. But what is the minimum amount of debt you are required to have in order to consider filing for bankruptcy?
Does this scenario sound familiar to you? You were contacted by one of those out-of-town debt relief companies, or you contacted them, made the arrangements, and have been making payments for over a year. It seems to be working as no one has been calling you. There are no letters from debtors or lawsuits. You are feeling optimistic that this financial nightmare will be over in a couple of years.