Bankruptcy

CBS Early Show on the Dangers of Debt Settlement

By Editor

This morning on the CBS Early Show Vera Gibbons and Harry Smith discussed the dangers of debt settlement companies.

If you’re struggling with debt, you may have looked into or even been contacted by one of these companies. CBS concludes what we know about these companies: They don’t offer real debt relief.

In fact, these companies rarely provide real debt solutions. And, as CBS reports, with $1 trillion in revolving debt in the United States right now, many people need real debt relief.

So we want you to watch this report, and remind you that the actions and relief that come out of bankruptcy are protected by the U.S. law.

While credit settlement companies aren’t regulated, bankruptcy is overseen by courts, judges, lawyer and legislators. This means that when you file bankruptcy, you receive protection that private companies can’t offer. In fact, you may be able to file charges against a creditor if they try to collect debts that were resolved by bankruptcy.

But before you make a decision on bankruptcy or any other debt relief option, be sure to get information and answers to all of your questions.

Watch CBS Videos Online

Full post as published by The Bankruptcy Blog on May 12, 2009 (boomark / email).