Millions of people have filed bankruptcy in the last few years.  The single greatest cause for bankruptcy has been medical bills.

Most of the people who file bankruptcy are good, honest, hard-working people who support their family.  But circumstances not of their own making are forced upon them, and they have no choice except to file bankruptcy to get a fresh start.

Many people who file bankruptcy, however, might very well have avoided filing if they had sought confidential and responsible credit counseling.  Creditors will often be willing to work with credible credit counselors to avoid forcing the debtor into bankruptcy.

Below are some actual examples of how debtors can avoid bankruptcy and ultimately work their way through their financial difficulties by working with a credible credit counseling agency such as Consumer Credit Counseling of Forsyth.

Individuals paying interest as high as 29%-32%on their credits can be reduced to 10% or less in a debt management plan.

• An individual with $25,000 in credit card debt and an average of 30% interest, plus late and over-limit fees.  Monthly payments well above $1,000.  A debt management plan could reduce the payment to about $525 per month with an interest rate of less than 10% and no more over-limit fees.
• Homeowners who are behind by as much as 6 months on their mortgage, facing immediate foreclosure, can, with the help of CCCS of Forsyth County, get a loan modification where the foreclosure is stopped and the homeowner can afford to keep their home.  This can be done by the lender agreeing to roll all the behind payments into a new balance upon a showing that the homeowner is in a position to make a normal monthly payment.
• Consumer Credit Counseling Service of Forsyth has a one-time fee of $30 for the first visit and then a $10 fee per follow-up visit.  These fees can be waived as necessary.  The agency does not deny service to anyone based on their inability to pay a fee.
• Consumer Credit Counseling Service of Forsyth is a non-profit United Way agency which has been in operation for over 35 years.  You may reach CCCS at (336) 896-1191, or toll-free in North Carolina at (888) 474-8015.  You may also visit their web site at www.cccsforsyth.org
• If it is necessary for you to consider filing bankruptcy, your options are: (1) Chapter 7, or "straight" bankruptcy, in which you wipe out your unsecured debt, such as credit cards; or (2) Chapter 13, where a debtor pays a percentage of their unsecured debt over a three to five year period.
• Seminar host Mike Wells provides a courtesy (no charge) initial session to individuals who wish to consider their bankruptcy options.

DISCLAIMER:  This information is provided as a public service.  Information contained is not intended as, and should not be taken as, legal advice.  The use of information provided in this summary should not be taken as establishing any contractual or other form of attorney-client relationship between Wells Jenkins Lucas & Jenkins, PLLC, and the reader or user of this information.