Why Bankruptcy Is A Huge Mistake!
...And New Legislation Was Just Passed That Makes It Nearly Impossible To Qualify For Chapter 7!
Discover why filing for Chapter 7 Bankruptcy just got a whole lot more difficult, and learn what is now the ONLY viable alternative for ERASING debt...
That's right, you can still wipe away as much as 90% of your debt WITHOUT filing for bankruptcy. This has NOTHING to do with Debt Settlement, Debt Consolidation or a "so called" Non Profit Consumer Credit Counseling Service.
Until recently, it seemed that filing Chapter 7 bankruptcy was the answer for many people with financial problems. Perhaps it was the best option at one time, but that changd in October of 2005 when new legislation made it nearly impossible to file Chapter 7.
WARNING: Whatever you do, DO NOT let your creditors bully you into Chapter 13. And believe me; they will try to tell you Chapter 13 is your only option. As you are about to discover, this is simply NOT TRUE. |
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We have a better alternative to bankruptcy. Our system will empower you to...
- Get out of debt fast without bankruptcy or consolidation
- Learn your rights according to the fair debt collection practices act
- Stop harassing phone calls from creditors
- Stop collection agencies dead in their tracks
- Know what to do if you are sued by your creditors
- Learn how to restore your credit
- Gain access to our attorney network
The only 100% legal debt elimination program designed to help you avoid bankruptcy, consolidation and non-profit debt counseling.
This bill is a dream come true for your creditors.
In fact, they have been trying to get a bill like this passed for years!
Question: Why this is bad news for consumers?
Answer: The bill severely limits the ability of consumers to wipe away some of their debts and get a fresh start.
For example, the petitioner must now obtain a letter from a non-profit consumer credit counseling company stating that they have tried unsuccessfully to get out of debt with a CCC company. What a sham! These so called “non-profit” companies were conceived of by banks to keep consumers paying as long as possible. Not only that, but many of them are under investigation by the FTC and IRS for charging outrageous fees and funneling money to “for profit” corporations, using the non-profit corporation as a “shell entity.”
If you have any valuable assets, you can forget about Chapter 7!
Chapter 7 Bankruptcy is a liquidation proceeding in which the debtor's non-exempt assets are sold by a trustee and the proceeds are distributed to creditors according to the priorities established in the Code. In other words, some of your property will be sold to wipe out some of your debt. You do not get to keep all of your things and not pay for it, as some believe. This is why chapter 7 only covers unsecured debt.
Question: So if I have assets I want to keep I can just file Chapter 13 right?
Answer: Sure, as long as you understand you will be giving up control and rights to any of your assets and whether or not you ever get them back will be contingent on your ability to continue making payments.
Chapter 13 is a repayment plan for individuals with regular income and unsecured debt less than $290,525 and secured debt less than $871,550. The debtor keeps his property and makes regular payments to a trustee out of future income over about a 3 to 5 year period. Repayment in Chapter 13 generally ranges from 10 percent to 100 percent, depending on the debtor's income and the type of debt. The debt must still be paid. This is true if you lose your job, become ill, or have an income producing spouse die. You are still responsible for repaying the debt and you have given up rights to your property.
Question: So assuming I still qualify for Chapter 7, I can just start over fresh right?
Answer: Wrong, many people believe that filing for bankruptcy cleans up their credit and allows them to have a fresh start. This is simply not true. Bankruptcy ruins your credit. It remains on your credit report for a period of ten years.
Furthermore, bankruptcy will not erase all of your debt. Nondischargeable debts include any debts that you neglected to list on your bankruptcy filings, child support and alimony, student loans, legal debts owed to the state, tax debts, credit card purchases made within 60 days of filing for bankruptcy, loans or cash advances over $1150 you made within 60 days of filing, and debts owed under a divorce settlement.
Question: Bankruptcy seems like a really bad idea. Is there a good option for dealing with my debt?
Answer: Yes, our Debt Resolution program can help you eliminate 90% or more of your debt. Our program is the only of its kind. We have a network of trained attorneys that can help you get out of debt in less than 2 years. This is NOT a repayment plan, debt settlement or debt consolidation.
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