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Archive for January 29th, 2007

How Mortgage Foreclosure Scams Rip You Off »

You’re behind on your mortgage payments. A foreclosure has been filed against you. What do you do? Unfortunately, there are many scam artists who prey upon people in a desperate situation and are unaware of their rights. Some of the common scams we see are:
Equity Skimmers. “Facing foreclosure? How does this sound: we’ll give [...]

Can I Legally Clear Bad Debts From My Credit Report? »

These scams sound great: Increase your credit score by hundreds of points! Remove late payments, bankruptcy, and judgments from your credit record! Qualify for car loans and mortgages! But ask yourself this: since we live in a society based on credit, don’t you think that something that if this sort of thing worked, everyone would [...]

Can I Really Settle My Debts For Pennies On The Dollar? »

Generally speaking, the longer most credit card companies go without being paid the more willing they (or the collectors they sell your account to) are to cut deals for lump sum pay-offs for less than the balance.
Maybe you’ve seen the companies who promise to settle your debts for pennies on the dollar. They tell [...]

Can I Erase My Debt With A Piece Of Paper? »

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 [...]

What Is The “Credit Counseling” That Is Required Under The Bankruptcy Laws? »

Under the revisions to the bankruptcy law in 2005, Congress required a new step before you can file for any kind of bankruptcy. The new law requires ‘credit counseling’.
So what is ‘credit counseling’? Previously, credit counseling was a process of analyzing your budget and obligations with an eye to establishing a debt management [...]

Why File Chapter 13 »

Chapter 13 is a repayment plan, or reorganization plan, for individuals. The repayment may be pennies or it may be 100%, depending on the consumer’s income and the value of their assets. The debtor proposes the terms of the plan which must last between 3 and 5 years. The automatic stay prevents [...]

What Is Chapter 7? »

There are two different types of bankruptcy cases that are usually used by people who need help ending their bill problems - Chapter 7 and Chapter 13.  Chapter 7 is designed for individuals (and married couples) who can’t pay their bills.  The typical Chapter 7 client is someone whose income minus their regular average monthly [...]