Debt Relief Scams- Avoid Bankruptcy Attorneys in Disguise
The FTC (Federal Trade Commission) issued a warning in 2004 that gave consumers a heads up on attorneys that were posing as a debt relief service of some kind in order to generate business and lure in desperate consumers in need of help. All bankruptcy lawyers and law firms are referred to as debt relief agencies per the Bankruptcy Abuse Prevention and Consumer Protection Act that was passed in 2005. This small confusion combined with effective marketing pitches that are often misleading leads a lot of people falling for the belief that they enrolled in debt counseling or settlement plans when in fact they signed up for bankruptcy filing.
Bankruptcy Lawyers, Bankruptcy Attorney Milwaukee, Bankruptcy Lawyers In Columbus Ohio,
Companies that claim to 'stop wage garnishments', 'consolidate bills', or 'wipe out your debts' are going to likely be lawyers posing as debt relief services. When they speak of consolidating bills, this refers to the Chapter 13 bankruptcy filing that puts all of your debts on a repayment plan that you pay each month. It's not exactly the same thing that most people think of when they hear this, so it is deceptive in the least. Wage garnishment stopping refers to the bankruptcy proceeding known as the automatic stay. This is when all creditors are forced to stop their collection activities after bankruptcy is filed. Wage garnishment is only able to be stopped through settlement of your debt or bankruptcy.
Finally, any company that is touting the ability to 'wipe out debts' is going to be referring to Chapter 7 bankruptcy. No matter what type of debt relief you choose, you will always be paying back at least a portion of your debts. Therefore, you need to make sure that you are getting the right information and enrolling in the right services when it comes to debt relief solutions. If you do choose to wipe out debts with bankruptcy, you will face many consequences over the next 10 years, including marred credit for the entire time until the bankruptcy is cleared. Bankruptcy alternatives are a great choice for people who are NOT facing foreclosure, repossessions, wage garnishments, or utility disconnections. On a final note, bankruptcy will NOT be suitable for tax debt, student loads, child support, or alimony payments owed.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Business Bankruptcy
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment