Disqus - Latest Comments for FreeMan08

Re: We Have $225,000 in Credit Card Debt. - Jane

FreeMan08 — Mon, 26 Jan 2009 12:16:43 -0000

Get educated on bankruptcy but remember, a bankruptcy attorney will always suggest bankruptcy as your best alternative! Take the information and then decide against the pros/cons of your other options. There are strategies to protect against lawsuits, taxes on forgiven debts, etc. We utilize the asset guard and a proven method of validation to mitigate the tax risk as well, all while settling for pennies on the dollar. Of course your credit is damaged, but with an "exit strategy" to repair it (which begins immediately). We have clients with 500k+ in credit card debt who have avoided bankruptcy, taxes, etc. But it all depends on you and discovering all the information about your options and then deciding what is best for YOU!

Re: How Can We Go About Getting My Wife’s Name Off of This Debt? - Hank

FreeMan08 — Fri, 23 Jan 2009 11:50:04 -0000

You may look into various laws as well such as the Fair Debt Collections Practice Act and the Fair Credit Reporting Act for additional support in this matter to eliminate it from your wife's credit report. It is often a matter of sending your "evidence" to the bureau with a demand to remove from the file. When they come back having "verified" the debt, request proof and source of validation, then use this information to continue to clear it up. If the bureau will not provide this information, they are breaking the law. Begin "friendly" and graduate to more of a "legal, hard line" approach, always professional of course.

Re: Do You Recommend Credit Counseling or is There a Better Way? - Danny

FreeMan08 — Fri, 23 Jan 2009 11:25:08 -0000

It is good that you are actively looking for solutions before you begin the downward spiral of missed payments and eventual bankruptcy in many cases. Planning ahead when you see the writing on the wall is a move that most avoid as it is easier to pretend you are not in a tight situation. Evaluating your options and deciding if you will be able to complete and follow through with the program is key. Starting a debt management program only to give up in a year will often be a waste of time. Evaluate all the pros and cons of your different options including: Cost (fees), timeline (how long is the program going to take?), interest and principal costs (how much, overall, will I pay?), Credit Report consequences (will it harm my credit? by how much? How will I recover from it?) among other questions.

Re: Steven is Disabled, in Foreclosure, and Being Sued by Capital One

FreeMan08 — Tue, 06 Jan 2009 11:39:12 -0000

if you can, i'd dispute the claim with capital one. By doing so, you give yourself more negotiating power and the possibility for repeal later on if you do lose. If you do not dispute the initial claim, you forgo the ability for future repeals. The attorney may tell you the same and it is always wise to consult an attorney on this stuff

Re: I’m So Far in Debt I Don’t Know What to Do - Gloria

FreeMan08 — Tue, 06 Jan 2009 11:28:22 -0000

there is a legal limit to garnishment amounts and if you are already there, you may be protected from further garnishment. As long as you make the payments on cars and homes, you will not lose them. More than likely at this point, the only damage that is being done is annoyance and frustration. The real damage has already happen so now it is a matter of recovery. Don't let collectors scare you, in fact, send them a do-not-call letter that demands communication by mail alone. That way you can begin sorting this out.

Re: One Way to Protect Your Assets From Creditors in Case You Might Get Sued

FreeMan08 — Tue, 23 Dec 2008 13:01:50 -0000

Thanks for the opportunity to contribute! Also, the Asset Guard is available as an a la carte option but not typically recommended unless it is part of your bigger plan. Just let us know if you want more details on that stuff.

Re: Husband Throws Wife Off Balcony Over Debts

FreeMan08 — Mon, 22 Dec 2008 11:29:51 -0000

It is sad when debts ruin lives. As my father always told me "its only money!" There are always solutions and often not nearly as painful as people think!

Re: Debt Collectors Get New Rights to Break Into Homes

FreeMan08 — Mon, 22 Dec 2008 11:14:58 -0000

This completely redefines "unsecured" debts and is a complete destruction of certain rights. Aside from the assault on privacy and protection, they should start calling them all "secured" credit cards if they feel than can come repossess whatever they like! What a disaster...

Re: Lisa Has Been Slowly Bleeding Financially And Needs Intervention

FreeMan08 — Mon, 22 Dec 2008 11:10:42 -0000

if, in order to get out from underneath the home, you have to sell it at a loss, look to negotiate the deficiency. This is commonly referred to as a short-sale, in which case the mortgage bank "forgives" the difference owed after the sale. This can carry tax consequences as they may "credit" you with the difference as income on your taxes. There are ways to avoid this though if properly structured and understood.

Re: Dave is in a CCCS Credit Counseling Program But Feeling Hopeless

FreeMan08 — Wed, 10 Dec 2008 11:33:50 -0000

As for settlement options, there is a process that protects you from tax liability while achieving better results in negotiations called Debt Validation and Resolution. It contains components of typical debt settlement with some key differences and strengths. A budget appears to be in order as your liabilities do not appear to overpower your income levels.

Re: Fred Owes AMEX $40,000 And Can’t Pay American Express Back

FreeMan08 — Wed, 10 Dec 2008 11:25:43 -0000

I would begin searching out alternative options while you are not in too deep. The deeper you get, the less options you will have. Definitely strive to generate more income but always have a backup possibility. Sticking your head in the sand and simply hiding can put in a position where AmEx easily achieves a judgment through lawsuit. Avoid bankruptcy as well, that will be on your credit for 10 years! There are some great options out there.