Know the Difference: Scams, Credit Counseling & Bankruptcy
SCAMS
Ads that tell you… “You can get out of debt with no payments and without filing bankruptcy”…. are a scam. They promise to get you out of debt….but instead….they just steal your hard-earned money….and leave you even deeper in debt or…as they say…even more in the “red”.
| Present | The Promise | The Result | ||||
|
No Debt | Even More Debt |
CREDIT COUNSELING RE-PAYMENT PLANS
Credit counseling organizations promise to get you out of debt, …..but all they can do….at best…. is lower your interest a little on credit cards….and then only some credit cards.
| Present | The Promise | The Result | |||||||
|
No Debt |
|
BANKRUPTCY
Others ads promise, but only bankruptcy delivers.
Only bankruptcy can actually gets rid of debt.
| Present | The Promise | The Result | ||||
|
No Debt | No Debt |
Disclaimer: Example concerns non-priority, unsecured debts, like medical bills and credit cards. Result shown assumes a Chapter 7 bankruptcy filing, and no excess equity or excess income.
