A reputable debt consolidation firm should be able to clearly define the difference between consolidation and settlement.
They also be able to walk you through the steps concerning bankruptcy and likely tell you why this is a bad option for you or nearly anyone they do business with.
The organization needs to be good at simplifying the process, they need to be good at categorizing all of your losses and fees which are hampering you within your portfolio.
People who work within debt consolidation should be good with figuring out percentages and finding ways for people to see what kind of journey they have to go on in order to find financial freedom.
First, I think it might be important to find out whether the things corporations or tax collecting organizations say you owe are indeed something you actually owe.
If you need help figuring this out maybe you and the person who is working with you for the debt consolidation company could contact someone within the National Taxpayers Union or a similar organization within the state that you live.
The equivalent of that here in Iowa would be Iowans for Tax Relief which directed by Ed Failor Jr, Failor does not want to see people fall into hardship because of tax issues and revenue they owe to the federal or state government.
The debt consolidation company will tell you that it is not smart to attempt to make wild purchases as you are going through this process.
A good example of what not to do is buy your finance a one hundred thousand engagement ring no matter how much you love her.
If you make a decision like this you are likely begging for financial issues.
Even the extremely wealthy can run into trouble when they make stupid, misguided purchases like that.
The interest payments on the ring alone just from your credit card company would be tremendous, but to a certain extent even companies who work within fee reworking will tell you that personal responsibility and good decision making are crucial to getting your fiscal house in order.