Legal Question in Credit and Debt Law in Pennsylvania

Debt management program and my credit score

I am currently in approx. 15,000 of credit card debt,two accounts totaling 9,000 of which is in collections. One creditor is seeking to sue. I am currently looking into a debt management program. I am very uneasy about how they operate, but I feel at this point I have no other choice. I don't want to file for Bankruptcy. I am still young (24), have no assets, and I want to do what is right/best right now so that I can have better credit in the future and have the ability to purchase a house, car, recieve loans to get my masters degree etc. Will a debt management program be a negative mark on my credit in the future? Where can I go to get unbiased advice that is not motivated by underlying incentives?

On another note, am I correct in thinking that if the creditor sues, because I have made attempts to pay the debt (payments that are much lower than what the creditor wanted), and because I have no assets, the court will rule in my favor ? But how would this kind of a judgement effect my credit report, especially a few years down this road?

Thank you for any help in advance!


Asked on 7/22/06, 5:46 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Debt management program and my credit score

I had previously asked that your question be rejected.

The new bankruptcy laws make discussing issues regarding debt management very dicey for lawyers. Any competent and cautious attorney will need to have much more information regarding your situation before providing you with any kind of advice. You can ask a very specific question here, but the general advice you seek is beyond the scope of LawGuru.com.

Be cautious using debt management services. Such services only make money by counseling and managing debt repayment. This may not be the best route for an individual debtor.

Regards,

Roger Traversa

email: [email protected]

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Answered on 7/22/06, 6:15 pm


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