Erase Your Debts Legally!

07 Feb Erase Your Debts Legally!

Everyone receives these emails on a daily basis – offers to reduce completely wipe out your debts legally.  But there’s an old saying that if if sounds too good to be true then it must be, and this is no exception.

The secret here is that the only way to legally erase your debts is to pay them.  You can also file for bankruptcy to eliminate your responsibility for payment of many types of debts, but I will leave a discussion of that option to our sister site, Bankruptcy Law Network.

There are tons of scams out there – from obtaining a “new credit file” using an employer identification number to repeatedly disputing every single item on your credit report until the creditors stop verifying them (as if that ever happens).  But the upshot is that each of these tactics involves fraud and dishonesty – things that could land you in jail or with hefty civil fines.

Your credit – good of bad – is something you’ve worked with for a long time, your entire adult life.  It took awhile for it to get bad, and the notion that your past can be wiped out with a stroke of a pen or payment of  hundreds or thousands of dollars paid to some company out there that promises results is counter-intuitive.

Stay on  top of your debts and look for a way to either pay them off entirely or work with a reputable bankruptcy attorney or credit counselor.  But don’t fall for what is quickly becoming one of the oldest tricks in the book.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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