What Is a Debt Relief Agency?
A debt relief agency is an individual or company that helps provide relief to you from your debts, by providing the means to file a petition for bankruptcy. This applies to any debt that a borrower has acquired for household purposes or personal expenditures. A debt relief agency operates under certain guidelines, rules and restrictions, and there are many factors to consider when a petition for bankruptcy is filed. Debt relief personnel are compensated for their services.
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Contract
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If you contact a debt relief agency for help with a bankruptcy filing, they must put together a contract that clearly explains all of the terms and agreements. The client should be given a copy of the contract.
Services Rendered
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When you enlist the services of a debt relief agency, they are obligated to perform all of the services they originally stated, pertaining to your bankruptcy.
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False Claims
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When the documents are being prepared, a debt relief agency cannot include statements or claims which are not valid or legitimate.
Warning
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Debt relief agency personnel cannot instruct a client to make a false or untrue statement for the purpose of including them in the documents.
Income/Expenses
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When someone is considering help from a debt relief agency, they must disclose all of their expenses and all sources of income. This information helps determine if the debtor meets certain guidelines and qualifications that would enable them to file bankruptcy.
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