Debt Settlement

Many consumers are unaware of their rights in regards to unpaid debts. Yes, it's true that a creditor could sue you in court and win a judgment, allowing the creditor to garnish your wages or hire a sheriff to come get your property. However, the chances of this are very small. It is simply too much time and expense for them to take action against you. And if they do take you to court, often they have no case. There are an incredible amount of new players out there that use the term "junk debt buyers" when describing their job. These guys buy and sell debts and place them into million dollar packages, which sell on Wall Street, much like the secondary mortgage market.

Too many consumers feel that their debts are overwhelming and there is nothing they can do other than file a bankruptcy - this is simply not the case! Consumers believe those awful tales spun by the collection agencies of impending doom, especially about garnishment and seizure of property. However, the collection agents fail to mention (surprise!) that in order for these actions to take place, the creditor must first go to court. So, due to lack of information, many consumers turn prematurely to bankruptcy - please don't do this! At least not until all your other options have been exhausted.

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