Beware of Debt Settlement Plans
Credit collectors have a way of working on your nerves. There job is to break you down to where you agree to do something you can’t afford to do. They say something like make an agreement to let them do a bank draft of three hundred dollars for four months and they will put your account in good standings again. I hate to say people lie, but think about it. It is going to stay on your credit report of the nonpayment no matter what they say. I have a clients say they agreed to do what they asked but the next month it was still bad. When they call the collector told her ” Well they did not have the right to tell you that but if you do it again for four months I will make sure it shows in good standings.” Yea Right!!!
If its been any length of time the debts has changed to where the balance is twice as much as it was. This is where debt settlement is such a bad idea. They are willing to settle for what you owed when it started to go into bad standings plus send you a 1099 that you have to add to income when you file your tax return.
I have seen where some people have to borrow money from their 401k to keep paying the credit cards but it runs out and now still have to file the bankruptcy.
Once you have made the decision to file the bankruptcy don’t be so far behind on the car and house that it has been reposed or foreclosed on. Talk to a bankruptcy attorney before you use up all resources and have to file.
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