Consumers filing for bankruptcy must obtain consumer credit counseling within 6 months prior to filing date. Some jurisdictions require that you obtain CCCS counseling at least the day before you file the BK or your case can be dismissed.  This does not, however, mean that a consumer must develop or create a repayment plan before filing the bankruptcy.

How Do I Get Credit Counseling? Continue Reading »

Is Ameridebt still in business? Ameridebt was forced to shut down its debt consolidation operation as part of a settlement with the FTC. The Federal Trade Commission charges that it deceived consumers into paying at least $170 million in hidden fees. The FTC charged Ameradebt with misrepresenting that it was a non profit credit consolidation company and that it show consumers how to manage their money for no up front fees. The FTC also charged Ameridebt with deceptive business practices and with violating the Gramm Leach Bliley act by not providing customers with the required privacy notices.

Is debt consolidation through a credit counseling company bad? Continue Reading »

What is the best debt consolidation company? I think it might be better to ask what can I do to get out of debt other than signing up for credit counseling or a debt consolidation loan? If own a home and have equity in it, you have the ability to do a refinance and pull money out to pay off your bills. Continue Reading »

Tips on Negotiating your Debt with Bill Collectors and Collection Agencies

Many Americans now feel that their debts are spiraling out of control and there is nothing they can do but have an attorney file for a bankruptcy. Most debtors believe all of those freighting stories told by the bill collectors of the impending doom that faces them. The biggest scare tactic used is utterance of a wage garnishment and seizure of property. The collection agencies usually fail to point out that they will first need to go to court and get a judgment to be able to do anything to you. I recommend that bankruptcy would be your last option in trying to get out of debt. Most debtors jump to quick to do a bankruptcy before examining all the possibilities that exist to resolve the debt. Usually this option is exercised out of fear and wanting it to go away quickly. I hope that this information will educate you in this area of the unknown for you. Continue Reading »