With economic turmoil swirling the US these days, the topic of bankruptcy and debt settlement are on the tips of almost everyone's tongue. Just turn on the TV or listen to the radio during drive time and you will see and hear these advertisements from debt settlement companies with grandiose claims. What do you do when you're buried under a mountain of debt? Do you believe the claims that you hear in the commercials or do you go consult a bankruptcy lawyer and file for bankruptcy? The debt settlement companies claim that the debtor's credit will not be ruined as it would in a bankruptcy filing. Some of the claims seem too good to be true.
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I picked up the phone the other day and there was a telephone dialer playing an ad for a debt consolidation company. The ad started out asking if you are drowning in debt, we can help you. We know all the top-secret information that your creditors don't want you to know. It continued on saying that they could set up a payment plan that would drastically reduce the minimum payment along with the total amount owed. And when they really lost me was when they claimed that they were a nonprofit company and had successfully eliminated millions of dollars in debt in the last year. It doesn't take a rocket scientist to realize that these claims are false.
Debt consolidation and debt settlement is looked at by the Federal Trade Commission similarly to the credit repair business. Not to ding all of them, there honestly are a few that try to do what they say. The ones you have to worry about are the ones that get shut down by the FTC and pop up using a different name. This kind of shady practice has been going on with the do-it-yourself online bankruptcy companies also. Many of these scammers prey on desperate consumers who are looking for an easy way out with their financial problems. And as you know, nothing comes that easy.
There definitely is an allure to these debt consolidation companies that make these extravagant promises. Many individuals having financial troubles have fear of filing bankruptcy and can be easily talked in to an alternative to find a way out of their debt. Debt consolidation companies want to make people think that they are doing the right thing by paying a portion of their debt back. They also make claims that because they are paying a portion of their debt back their credit will not be damaged. Most of the time when a debtor completes a debt settlement the creditor reports it as a charge-off. These stay on the debtor's credit report for seven years. With this in mind, bankruptcy is starting to sound better and better.
Being in debt can be stressful, but there is a way out. It took some time to get into debt and it will take a little more time to get out. Filing bankruptcy gives the power of the US court system stopping creditors from collection attempts immediately after filing. Considering this alone, debtors get a chance to breathe and not worry about looking over their shoulder anymore. Depending on the amount of debt an individual is carrying, it's best to check all your options including a consultation with a bankruptcy lawyer. You'll never know unless you weigh all the pros and cons of all options.
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