123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Debt Compensation: The Importance Of A Bankrupcty Attorney-00-6420

Profile Picture
By Author: rafalinares
Total Articles: 4393
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Credit Counseling: Putting People Into Plans People Cannot Afford. Even worse, the public gets sucked into repayment plans that in our experience they can't afford. These people spend hundreds of dollars a month on credit counseling repayment plans, which suck away cash that is desperately needed to take care of and support their families. Repayment plans, which almost guarantee that in the final analysis the sole option left, are going to be bankruptcy. You might ask why credit-counseling places don't spend more time making sure that the would-be customer can afford the plan. The answer is three-fold. Original from our experience as bankruptcy attorneys, most people have not been taught how to budget and because hope runs eternal in most people. Telling an individual that you can reduce, $800 a month, down to $600 is very seductive, and in our experience, most people when asked whether they can afford the $600 per month (in our example) will naturally say "yes" without ever putting pen to paper to figure out the numbers. Any savings is better than none right. Secondly, working up a really budget of essential monthly income ...
... and expenses it just that. Original work and it takes time and campaign. Third, because taking the time to work up a really budget of essential monthly income and expenses would disclose the ugly truth being that almost all of their would-be clients really must lower their monthly expenses a whole lot more than the credit counseling agencies could possibly offer. How do we acknowledge? In our office, time and again, we see people who have fallen out of these plans. Original who found out the hard way that they could not afford the credit counseling company's repayment plan.

Putting people into credit counseling repayment plans that they can't afford, only makes things worse. People are left worse off than whether or not they never signed up. It stands to reason that whether or not you pay cash on something you can't afford then you have to take that cash away from paying something else. People the cash is taken away from paying things far more crucial than credit card debt. Things like your car payment, house payment, or things needed by your children. People seen People lose cars and homes needlessly because they signed up for a credit counseling repayment plan instead of filing bankruptcy. What they don't tell people, in our experience, is that when you fall out of one of these credit counseling repayment plans, the credit card companies go back and retroactively add in all the interest, penalties, and late fees that they would have owed. People as whether or not you were never configured on the repayment plan.

We are sure there are people who have with great success finished one of these credit-counseling plans, but we suspect the share is very small. From the credit card company's standpoint, credit-counseling programs are at all times a success regardless of whether or not the customer completes the repayment plan. Why? Every month a customer makes a payment on one of these repayment plans is a month, the credit card companies take in more cash than whether or not the customer filed bankruptcy. Just one more month that the customer is kept out of the hands of a bankruptcy attorney.

About the Author:

http://www.articulo.org/articulo/15639/fomentar_el_ensayo_de_prueba_y_error_en_la_iniativa_emprendedora.html (I) // http://www.abogadotenerife.com/noticia.php?id=2008-06-07%2022:08:00 (II)

Total Views: 276Word Count: 556See All articles From Author

Add Comment

Investing / Finance Articles

1. How To Protect Your Crypto Wallet: Essential Tips Beyond Passwords
Author: Eldon Ryder

2. Ipo Grey Market Premium (gmp) Guide | Live & Upcoming Ipo Gmp Trends
Author: finowings

3. Top Benefits Of Enrolling In A Certificate Course In Banking
Author: sandeep

4. Crizac Ipo Gmp 2025: Key Dates, Price Band & Gmp Update
Author: finowings

5. Stock Market Advisory: The Growing Importance Of Professional Stock Advisory Services
Author: Vinay

6. What Is Sip And How Does It Help Build Wealth?
Author: Sagar Shah

7. Choosing The Right Accounting Firm In East And South Auckland: What You Need To Know
Author: WhizBiz

8. Goldco Review: Best Ira Guide For Investors, Retirement Planners, & Retirees
Author: Gold and Silver Investment News

9. Navigating Financial Growth With Avendus
Author: Drishti Desai

10. The 4 Types Of Income You Need For True Financial Freedom
Author: Wealth Samurai

11. Why Hyderabad Millennials Are Choosing Personal Loans Over Credit Cards
Author: anilsinhaanni

12. How A Retail Lending Specialist Can Help You Secure The Best Loan Deals
Author: sandeep

13. How Knee Replacement Improves Quality Of Life For Arthritis Patients
Author: uttam

14. Stock Market Advisory: Unlocking Investment Success With Share Market Advisory Services
Author: Vinay

15. The Rise Of Investment Banking Companies In Hyderabad’s Financial Scene
Author: Verity knowladge solutions

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: