Why Do I See So Many Advertisements Telling Me Not to File for Bankruptcy?
Don’t listen to those late night commercials telling you that bankruptcy is the worst solution and consolidation is the best option. Just look into how the IRS is trying to shut down many of these condolidation companies since they misrepresent what they really are. Many of these companies receive grants from the credit card industry and do not have your best interest at heart. In these plans, you still have to pay a significant amount of debt back and all of your creditors may not be paid, leaving you open for law suits in the future. Just listen to how some claim they are non-profit. Rubbish!! No government agency is paying for them to keep there doors open while they rip off those who are in debt and vulnerable. They can afford to advertise and why? Because they are puppets for the credit card industry and buyer beware!!! Bankruptcy Attorneys work on small margins of profit so they can’t afford the fancy TV ads but if they could, more people would know the truth about filing and the truth about these consolidition schemes. Also, in a Chapter 13 repayment plan, the Court will force your creditors to accept the plan amount even if it is only a small percentage of your debt. A private service cannot do that and does not have the power to do so. And one you file for bankruptcy, mone of yoru creditors can file a law suit or take any further action against you which a private service has no power to stop. In a Chapter 13, all interest stops on the unsecured debt as well. And if you qualify for a Chapter 7, then the dischargeable unsecured debts are being wiped out where a private service cannot do that for you.
Lee Abt is an Experienced Bankruptcy Lawyer in New Jersey - Call Today!