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"Debt Settlement"
Let’s set the stage. To help his grown daughter establish credit and buy a vehicle, Don Debtor cosigns a vehicle loan for his daughter, Dawn? By cosigning, Don has made himself contractually obligated to pay the car loan in the event his daughter, Dawn, is unable to do so. Cosigners are jointly and fully liable [...]
Continue Reading →The Federal Trade Commission, on the heels of a damning investigation by the Government Account Office, has finally issued rules to regulate one of the shadiest industries, Debt Settlement Companies. Debt settlement firms have, for many years, been misleading consumers about the ability to get out of debt and avoid bankruptcy and earning millions of [...]
Continue Reading →The Washington Post recently reported a recent GAO investigation finding that many debt settlement firms are misleading consumers (see this article: Debt-settlement firms misled consumers, GAO report says). You have seen the commercials that make the programs appear to be government sanctioned and making wild claims about the ability to settle debt. The [...]
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You may have seen this commercial. My favorite is the one that looks like a news cast and has president Obama, but I could not find an online version of that commercial when I was writing this article. Debt Settlement, Debt Consolidation, and Debt Management are essentially the same thing with different [...]
Continue Reading →Question:
I was sued by a collection agency for a small medical debt, I settled the debt with the original creditor prior to entry of the judgment but after the suit was filed; I notified the collection agency that the debt was paid in full and no further collection attempt was needed, but the collection [...]
Continue Reading →Debt Relief USA recently filed for Chapter 11 Bankruptcy. Here is a firm that extensively advertises that it helps people avoid bankruptcy by settling debts for pennies on the dollar; the irony is just too fantastic. Unfortunately, the bulk of the firm’s creditors are its clients; people who have been scrapping up money [...]
Continue Reading →CNBC reported that new mortgage applications are at a near 7 month low according to the Mortgage Bankers Association. Interest rates have slowly crept up from their sub-5% level in March, 2009 with current rates at 5.50%. For those buying a house, that is still a very good historic rate, but for those [...]
Continue Reading →A high risk strategy for dealing with 2ndmortgages is beginning to make its way around the internet and being pitched by various settlement outfits and some attorneys. In short, the strategy is for the client to stop paying her second mortgage, continue to pay the first mortgage, file chapter 7 bankruptcy (the client usually has [...]
Continue Reading →Question:
Do you handle debt settlement cases?
Answer:
Yes. Please see our main web site at www.MethnerLaw.com and click on Debt Settlement tab.
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Debt Settlement Companies, Why Bother?
Minnesota Attorney General sues 6 debt settlement companies. I maintain that debt settlement is the true last resort, not bankruptcy. Debt settlement is expensive, just as damaging on your credit report, and usually fails. The Minnesota AG warns that consumers using these companies still end up with endless collection calls, ruined credit, lawsuits [...]
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