Why Are So Many Illegitimate Debt Counseling Companies Popping Up (Part 2)

Why Are So Many Illegitimate
Debt Counseling Companies Popping Up? (Part 2)

We'll Reduce Your Debt by 80%!
If you have performed any type of search on the Internet for debt counseling, you’ll find and endless number of companies making claims that seem almost unreal.

Claims such as being able to negotiate your interest rates down to 0% or reduce the amount you owe down to pennies on the dollar.

And of course, the big one, the ability to instantly wipe out all of your debts. As many debtors are finding out by way of first hand experience, many of the companies are turning out to be shams…

How Do These Bogus Debt Counseling Companies Get Away Scott Free?
This may shock you but just so you know; the money these shysters are able to rake in is mind-blowing. We’re talking taking in millions, literally overnight. If they get caught, guess what? The owners rarely face jail time. The normal course of actions taken against them is as follows:

(a) They are ordered to pay the funds back. But the issue with that is; most of the time, a good portion of the funds they collected has been hidden and quite frankly, will never be found.

(b) The local, state government or the FTC forces them to shut the operation down. OK, big deal! These guys turn right around and start a new debt counseling or debt management company under a new name.

(c) The FTC issues a dictate that prohibits the owners from engaging in similar practices again. No problem! Most of them gleefully side step that order with a simple legal maneuver called a technicality. Instead of owning the company, they serve as a consultant/advisor in helping others start similar debt counseling shams.

Here’s a brief recap of why so many rogue debt counseling companies are popping up. Millions of Americans are saddled over their heads in debt and they are desperately seeking help. Oftentimes, these debtors make very bad decisions due primarily to that desperation, fear and a lack of knowledge. They fear losing everything they’ve worked hard for. The lack of knowledge is not realizing that there are individuals with ice in their veins that would still supplies from the Feed The Hungry Program if they could get away with it. Be clear on this; these charlatans are cunning and S-U-P-E-R smooth!

They are masters at creating crooked companies that appear to look extremely legitimate. What I haven’t mentioned up to this point is the impact of how the new bankruptcy laws have had on debtors. A high percentage of individuals want to avoid bankruptcy and for good reason. The new law requires a person to qualify to be eligible for bankruptcy. If you don’t pass the means test, you cannot file for Chapter 7. Which means, the days of waltzing into debtor’s court, filing chapter 7 and calling it a day… IS OVER!

The new bankruptcy laws are designed to corral almost all consumers into Chapter 13; which is the financial reorganization plan. Meaning that debtors are right back to making payments. The problem with Chapter 13 is this, if a person gets laid off, experiences a reduction in income or some other setback and cannot pay the courts, they will eventually have their Chapter 13 dismissed. Once that happens, debt collectors may start hounding them like there is no tomorrow.

The new bankruptcy laws have played many debtors right into the hands of swindlers. Think about it… where does a person turn for relief? If a person is has an impending wage garnishment, judgment or lien, where do they turn for help if bankruptcy is not an option? This is another reason why these illegitimate debt counseling companies keep popping up.

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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Why Are So Many Illegitimate Debt Counseling Companies Popping Up? (Part 2)

Why Are So Many Illegitimate
Debt Counseling Companies Popping Up? (Part 2)