Debt Settlement is a Dangerous Option
Here's what you need to know . . .
Debt settlement can work but has many dangers you need to be aware of. Here’s the “dirty secret” these companies don’t tell you.
Dangerous Debt Settlement Plans . . .
Debt settlement plans are dangerous. Sometimes they work, and you pay less than you owe. Of course, you have to pay a hefty fee for an uncertain result, and you also get hit by the IRS who will tax you on whatever you save by not paying the creditors (the IRS treats this as income even though you don’t actually get any money!).
Sometimes, debt settlement plans fail to settle, and then you get sued. Unless your debt settlement plan is a law firm, and most are not, you will need to get a lawyer to help you if this happens.
Often, people waste years of their lives and thousands of dollars, and ruin their credit in the process. Only to later need to file bankruptcy to protect themselves from creditor lawsuits.
Sadly, many of the clients I serve NEVER SHOULD HAVE BEEN IN THESE PLANS TO BEGIN WITH!
Most of the time, if you need serious financial help, it’s too late to benefit from a debt management plan.
I am a certified credit counselor and debt arbitrator. I can compare these options for you, so you’ll know, for sure, what the best option for your needs will be.
Help For Your Situation
Bankruptcy is a difficult and stressful event in your life to go through. Here are some helpful resources that can guide you through considering your options.
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Here are two helpful calculators for managing your debt repayments and Chapter 13 commitments.