Debt Consolidation Scam Claims Repayment UnnecessaryDebt Consolidation Scam Claims Repayment Unnecessary
by: Charles Essmeier
Most Americans have a problem with debt; the fact that the average household owes nearly $10,000 on their credit cards makes that pretty clear. And with interest rates and minimum credit card payments rising, consumers are finding their bills harder to pay each month. In years past, those who cannot repay their bills would often resort to filing for bankruptcy.
But last year's Bankruptcy Abuse and Consumer Protection Act makes filing for bankruptcy more difficult and expensive than ever. What is someone with a debt problem to do? Credit counseling? Debt consolidation? Something else?
According to a new company that has been issuing press releases, the consumer can simply walk away from his or her debt. That's right, just walk away without repaying. The details are vague, of course, and won't be spelled out until you actually pay them for their services. But the company, which shall remain nameless, states that U.S. banking laws actually prohibit the lending of money at interest and that "several U.S. Supreme Court decisions" have backed this up. So, they claim, you don't have to repay because your creditors were not legally permitted to issue credit to you in the first place!
For a fee, of course, this company will advise you as to how you can walk away from your debts without having to repay a penny. Even more incredibly, they also promise that doing so will not negatively affect your credit report.
The Supreme Court has probably had plenty to say about credit and lending over the years, but they almost certainly have not said that consumers have the right to elect not to pay their bills, which are subject to a legal contract to which the debtor has agreed. And the credit bureaus will certainly treat failure to pay in this scheme just like any other occasion when someone doesn't pay ? they will mark it as a delinquency on the debtor's credit report.
If it sounds too good to be true, it almost certainly is, and that certainly applies here. There is no "legal secret" that will allow a debtor to simply walk away from debt unscathed. And if you do have a debt problem, the last thing you need to do with your money is to give it to someone who will give you bad advice.
About The Author
©Copyright 2006 by Retro Marketing.
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Bankruptcy Means Testing Under the New Bankruptcy Law
Bankruptcy Means Testing Under the New Bankruptcy Law
by: Jameson Joyce
The rush to file bankruptcy ahead of the new bankruptcy law over. Now what? Did you miss the boat if you didn't file bankruptcy before the new law went into effect?
Absolutely not. Although the new bankruptcy law has made it much more difficult to file bankruptcy, most attorneys are finding out that the new bankruptcy law is manageable and filings are on the rise.
One of the most confusing parts of the new bankruptcy law is the bankruptcy means test.
In an effort to stop bankruptcy abuse, Congress decided to implement a step to the bankruptcy process called the "bankruptcy means test".The new bankruptcy law requires a test to be performed by every debtor prior to filing bankruptcy. The actual test is alot like doing your taxes. The means test revolves around the median state income for the state in which the debtor will file bankruptcy.
The bankruptcy means...
Bankruptcy Means Testing Under the New Bankruptcy Law
Bankruptcy > Bankruptcy Means Testing Under the New Bankruptcy Law
Are You Thinking About Filing For Bankruptcy Protection?
Are You Thinking About Filing For Bankruptcy Protection?
by: Tony Merlino
Bankruptcy Overview
Bankruptcy, when you come right down to it, is the process that enables those who are unable to pay their debts get a fresh start.
It allows for some or all of these debts to be discharged or reorganized. Individuals or businesses may file bankruptcy.
This enables you to clean the slate and get a 2nd chance with your finances. In most instances, bankruptcy provides a fair method for compensating your creditors as well.
The bankruptcy process need not be your worst nightmare. However, there are certain requirements that must be met. You will be required to file a list of all of your outstanding debts and a complete list of your
assets. This is done with the help of your lawyer thru the Federal Courts.
To make this process easier to understand, your "Assets" fall into two categories.
They are: Exempt and Non-Exempt...
Are You Thinking About Filing For Bankruptcy Protection?
Bankruptcy > Are You Thinking About Filing For Bankruptcy Protection?
Rebuilding Your Credit After Bankruptcy
Rebuilding Your Credit After Bankruptcy
by: Frank Bruno
In the past, filing bankruptcy was like having a Scarlet Letter on your chest. Bankruptcy made people outcasts and pariahs. It was as if a contagious disease struck, and no one wanted to be near you for fear of infection.
Today, bankruptcy doesn?t quite have the stigma it used to. Many of the world?s most successful people have filed for bankruptcy. These people hit rock bottom, and have bounced back to become wildly successful.
To emerge from bankruptcy requires diligence and discipline. In order to get back on your financial feet, you must rebuild your credit.
If you filed a chapter 13 bankruptcy, you had to make your court-ordered payments until the bankruptcy was satisfied. Even though you made great strides financially by doing so, lenders don?t see it quite that way. Lenders don?t consider your bankruptcy payments as a way to rebuild your credit. In fact, the ?rebuilding...
Rebuilding Your Credit After Bankruptcy
Bankruptcy > Rebuilding Your Credit After Bankruptcy
Bankruptcy Tips And Helpful Alternatives
Bankruptcy Tips And Helpful Alternatives
by: Dean Shainin
Before you file bankruptcy, it is a good idea to look into other alternatives if at all possible. New bankruptcy laws make it more difficult to file than it used to be.
Why Has Filing For Bankruptcy Doubled?
From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy cases.
New Bankruptcy Laws?
There is now a new law for bankruptcy that was passed called the ?Bankruptcy Abuse Prevention and Consumer Protection Act?. People struggling to pay their credit debts are now going to have to deal with this new bankruptcy law.
Bankruptcy Can Stay On Your Credit Report For 10 Years
Filing for bankruptcy can be on your credit for up to a decade. It?s a good idea to look into alternatives for bankruptcy. Buying anything on credit...
Bankruptcy Tips And Helpful Alternatives
Bankruptcy > Bankruptcy Tips And Helpful Alternatives
Finding an Alternative to Bankruptcy
Finding an Alternative to Bankruptcy
by: John Mussi
Bankruptcy can have serious, long term effects on your life. If you become bankrupt, you may have to give up valuable possessions and property. Your personal finances will have to be investigated, and restrictions will be placed on future investments.
If you have a steady income and a satisfactory credit rating, you may want to consider these four options with less serious consequences.
Loan consolidation with banks
You may be able to combine all of your debts into one consolidated loan with either your bank or another financial institution. A consolidation loan is always a good idea because your interest rate will be lower than the interest rate on your credit cards, and you will only have to make one payment on your loan each month instead of making many different monthly payments to each of your credit cards.
Informal arrangement with creditors
You could attempt...
Finding an Alternative to Bankruptcy
Bankruptcy > Finding an Alternative to Bankruptcy
Learn How To Fix Your Credit & Debt Problems ? Before Buying Your Next House!
Learn How To Fix Your Credit & Debt Problems ? Before Buying Your Next House!
by: Kris Bickell
Most people think ? mistakenly ? that if you have credit problems, you have to wait 7 years for them to go away. Well, that's not always true.
Credit repair can help you...once you know how to do it. The time to clean up your credit and pay off your debts is RIGHT NOW, before you start looking for houses and applying for mortgages. Cleaning up your credit and...
Learn How To Fix Your Credit & Debt Problems ? Before Buying Your Next House! Debt Consolidation Scam Claims Repayment UnnecessaryDebt Consolidation Scam Claims Repayment Unnecessary student loans Bankruptcy
Bankruptcy > Learn How To Fix Your Credit & Debt Problems ? Before Buying Your Next House!
Samsung's Largest Plasma TV Is Stunning
Samsung's Largest Plasma TV Is Stunning
by: John Lloyd
The largest plasma TV that Samsung manufactures is 63 inches, model PPM63H3. Once you see it you'll want one because it provides a stunning visual experience. The Samsung 63 inch plasma display offers a superior resolution at 1366x768 pixels. The aspect ratio is 16:9.
You'll be able to view this Samsung plasma monitor from anywhere in your room because it has a 160-degree viewing angel without distortions....
televisions Debt Consolidation Scam Claims Repayment UnnecessaryDebt Consolidation Scam Claims Repayment Unnecessary Bankruptcy Samsung's Largest Plasma TV Is Stunning
Bankruptcy > Samsung's Largest Plasma TV Is Stunning
Bankruptcy
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