On cable TV, you may have seen a well-dressed actor explain that if you have more than $10,000 in debt, you can settle that debt for a fraction of what you owe. You don’t need to file bankruptcy, he says.
What that actor is not telling you is that a large percentage of the people who send in their hard-earned money to companies like that end up needlessly poorer and filing bankruptcy anyway.
Why doesn’t this work? Because it involves the luck of the draw, and the balance in your debt settlement account when the proverbial 600 pound gorilla creditor comes knocking. These companies have you make monthly payments to pay their fees and then to build up a settlement fund. The catch is that if there isn’t enough money in the settlement fund when an impatient creditor makes a settlement offer, you get sued. The judgment that comes at the end of that collection lawsuit becomes a lien on your home, and is the basis for taking money from your bank account and garnishing your wages, to the tune of 10% of your gross earnings.
I have represented hundreds of consumers just like you, and I have seen this happen more times than I can remember. Don’t waste your money. You need that money. Within reasonable limits, you can keep the money and discharge your debts.
Bankruptcy law is there to protect honest but unfortunate citizens just like you, who find themselves burdened with excessive debt and unreasonable creditors. Don’t wait to learn what the bankruptcy laws can do to protect you and to get you that fresh start that you need. In a typical bankruptcy case filed in the Hudson Valley, the client will keep all of their property (except for that old car with a really big loan and unaffordable monthly payments you want to surrender). Learn about your rights today. There is no obligation, and initial consultations are free of charge.