Be Wary Of Debt Relief Ads

January 18, 2012 · Filed Under Getting Out Of Debt, Uncategorized

With all the talk about how much debt people are in; the one thing you want to be aware of about debt relief ads that you get. People who are in this type of financial bind tend to want to get help from anywhere; however just because someone sends you an ad via mail or email does not mean that it is legit.

Remember you are not alone and people everywhere are getting these types of ads promising them to get out of debt or avoid foreclosure. As a matter of fact this is one that I got the other day:

“Wipe out your debts! Consolidate your bills! By using the protection and assistance provided by federal law. For once, let the law work for you!”

While this ad sounds good and someone who is financial trouble would definitely be intrigued by it; it is important that you learn to read between the lines. Most of these types of ads are just bankruptcy attorneys who are trying to get your business and wanting you to file with them so that they can make money off of you.

While sometimes that may be the only route that you have left to choose; you will want to get further advice from someone about your financial situation. Remember filing bankruptcy should always be the last step that you want to take; as it will hurt your credit rating and leave you with bad side effects.

Always be willing to speak to someone who knows what they are doing and try to get a second opinion. Do not forget to speak to your creditors; as they may be willing to work with you about your payments and even reduce your interest rates.

If after you seek the financial help that you are looking for and you realize that bankruptcy is your only option to help you get debt relief then you should be aware that their are only two types of bankruptcies.

Chapter 7 is the type that will give you a fresh start and will liquidate all your assets to pay off the debts that you owe. This type of bankruptcy can only be filed once every six years.

Chapter 13 is where the trustees will reorganize your debt and will make it more comfortable for you to pay back what you owe. However once the payment is set up; you can not negotiate a lower payment.

So while it is important to be weary of debt relief ads; basically if it sounds too good to be true then most likely it is. Click Here