Popular searches:
chapter 13 filing chapter 7 after chapter 7 bankruptcy chapter 7 chapter 7 laws
Talk to a Lawyer
Enter a zip code to speak to a Lawyer that serves your area.
Select the type of Lawyer you need
Do credit card companies really settle for pennies on the dollar?
I have been seeing these ads everywhere, claiming that these companies can settle credit card debt for pennies on the dollar. Obviously, it sounds like a scam, but I am running out of options. Do these companies actually do anything?
All Credit Card Debt Questions & Advice
Can I still get rid of credit card debt by bankruptcy?
I know the laws were changed a few years ago, and filing bankruptcy is not as easy as it used to be, but I lost my job recently and have become unab...Can a Bankruptcy Lawyer Negotiate Down Credit Card Debt?
I have way more credit card debt than I can possibly ever payoff. I racked up a bunch of debt when I was injured two years ago and didn't have health ...Can bankruptcy get rid of credit card debt legally?
Can bankruptcy get rid of credit card debt legally? Can the credit card companies come after me later?Do credit card companies really settle for pennies on the dollar?
I have been seeing these ads everywhere, claiming that these companies can settle credit card debt for pennies on the dollar. Obviously, it sounds lik...Does bankrupcy remove credit card judgments?
I was sued by a credit card company and a judgment was held against me. Does bankruptcy erase these judgments?What's better for credit card debt, bankruptcy or debt settlement?
I have a huge credit card debt. I am considering bankruptcy but I have been told that bankruptcy should be my last option and I should instead go in ...What's better for credit card debt? Bankruptcy or debt settlement?
I have over $13,000 in credit card debt, and the interest rate won't allow me to make more than the minimum payment. It's making it difficult to kee...Where can I get legitimate credit card debt help?
Please help! I’m drowning in credit card debt. Are there any resources that can help me?This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers
You're right to question the legitimacy of these programs, and most of them are a scam. While an attorney is able to establish a trust for a client and help him settle credit card debt, it takes about 9-15 months, during which time your credit card companies get zero money. What do you think is going to happen? You're gonna get sued.
Now your attorney also has to fight off the lawsuits long enough for your trust fund to accumulate enough cash to negotiate a settlement amount. It can work, but it's tricky and you'll need an attorney watching your back and defending and postponing the lawsuits.
The law only allow attorneys to offer this type of service, and companies that offer these services claim to have attorneys to defend you, but most of them really just have one lawyer on the payroll so they can claim to be a law firm.
If you really want to find out how this stuff works, and how it compares to other options, Talk to a Bankruptcy Lawyer about it. Take some time to get a free consultation from a reputable attorney and get the facts about the options available to you.
References:
Posted by Staff Writer on 26 Mar 2010
1 person found this useful
(1 Votes)