Can I Erase My Debt With A Piece Of Paper?
By Brett Weiss, Maryland Bankruptcy Attorney on Jan 29, 2007 in General Bankruptcy Information, Maryland
This is a scam that takes in thousands of people each year. The scam claims that credit card obligations really aren’t debt, you don’t have to pay them, and if you knew the SECRET that “they” don’t want you to know, all your debt can be wiped out. In exchange for lots of money—typically a couple of thousand dollars—you receive a document to give your creditors that supposedly shows you don’t owe them anything. The document might be called a “Redemption Certificate,” an “Exchange Bill” a “Discharge Bond,” or some other legal-sounding name. The one thing they share in common is that they’re a completely worthless piece of paper that you paid a lot for, and they do absolutely nothing to relieve you of your debt. They have no legal significance, and will not prevent creditors from writing, calling, suing or garnishing.
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