27 Apr Debt Debt Cures: Does Kevin Trudeau Make Money or Sense? Part 10: Bankruptcy
Part 10 of my review of Kevin Trudeau’s book, Debt Cures They Don’t Want You to Know examines Chapter 15: No Bankruptcy. The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense in this latest self-help promotion or is he making money selling empty promises.
Trudeau starts off the chapter by making it clear how he feels about bankruptcy attorneys–he states that it is easier to find a bankruptcy attorney than to find a hairdresser.He states that bankruptcy is “no bed of roses”, suggesting that the bankruptcy attorneys assure their clients that all their troubles will be over once they file bankruptcy.
Trudeau correctly lists the many sources of problems that can lead to bankruptcy and points out that bankruptcy does not solve the problems (for example, high interest rates, defaulted credit card companies who have moved to lawsuit against the cardholder, marital problems, illnesses, unemployment, etc.). This is true. Trudeau also recommends viewing “Maxed Out” and PBS’s documentary, “The Secret History of the Credit Card”(available for viewing online at no cost). This reviewer also recommends viewing of those two programs. However…..
The opinions expressed in this chapter are merely Mr. Trudeau’s opinions. He states that bankruptcy will be a black mark on your credit score and that vultures will “swoop down” to prey on the debtor. My experience has been that my clients’ credit scores will go up upon filing bankruptcy, especially when there are a number of accounts that have gone to debt collectors or are paid late. Every situation is unique; every financial matter is different and the outcome is as unique as the financial situation bringing debtors to my office. This chapter, while one of the shorter chapters in the book, just adds to the stigma surrounding the filing of bankruptcy.
This chapter fails.
- Part 1 of my review examines the first three chapters of Kevin Trudeau’s book, Debt Cures They Don’t Want You to Know. (gets an “okay” rating)
- Part 2 of my review dissects Chapter 4 of the book (gets a warning of “Get legal advice from a lawyer in your own state”).
- Part 3 of my review deals with Chapter 5 of the book (gets a warning of “Get legal advice before following Trudeau’s advice”)
- Part 4 of my review examines Chapter6, as Trudeau discusses how to cut your credit card rate. (gets a “doesn’t hurt to try it; don’t expect it”).
- Part 5 of my review examines Chapter 7: Fighting Back. (gets an okay rating).
- Part 6 of my review examines Chapters8-11: Credit Score (gets “good information”)
- Part 7 of my review discusses Chapter 12: Credit Reporting Errors (gets mixed review as he repeats bad information (discussed earlier in Part 3) but generally good information).
- Part 8 of my review examines Chapter 13: Student Loans (gets generally good review)
- Part 9 of my review discusses Chapter 14: Home is Where The Start Is (gets nearly failing grade)
- Part 10 of my review examines Chapter 15: No Bankruptcy (gets failing grade/adds shame)
- Part 11 of my review examines Chapter 16: Big Business (credit card industry)(gets A grade for giving information)
- Part 12 of my review discusses the information presented in Chapter 17: Stealing Candy from Babies (gets okay rating for giving information)
- Part 13 of my review examines Chapter 18: Three Ring Circus (gets failing grade for repeating information already provided)
- Part 14 of my review examines Chapter 19: Slaying the Dragon (gets A grade for giving the math on how long it takes to pay off a 20% credit card with a balance of $8000 with just minimum payments….FIFTEEN YEARS!!!
- Part15 of my review examines chapter 20: Stopping Debt Collectors Cold (gets a failing grade for some good information and then followed by really bad advice: scary!)
- Part 15B of my review goes into more detail about what was scary about Chapter 20.
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