1.) The Final Debt Settlement Solution
Consumer finance professionals spend so much time trying to help borrowers avoid the ravages of bankruptcy that we do, sometimes, miss the forest for the trees. Yes, modern bankruptcy costs an arm and a leg in attorney fees to make absolutely certain the claimant would not be threatened with charges of fraud. Yes, bankruptcy sinks your credit rating for upwards of a decade. Yes, bankruptcy protection essentially allows the courts to strip you and your family of all worldly goods. However, given that the current bankruptcy laws only offer Chapter 7 elimination to the very poorest Americans, it's entirely possible that there exists consumers so beset be unsecured burdens they no longer maintain any possessions nor illusions about re-establishing credit scores nor fear of the judicial ramifications sure to follow an improperly completed declaration.
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2.) The EZ Form
Here again, this is a noticeable benefit of the Chapter 7 program. Unlike the debt settlement solution or, especially, the Consumer Credit Counseling alternative, you will not be held liable by the state or federal income tax authorities for the unsecured sums disappeared through bankruptcy discharge. (although, really, this speaks more to the asinine ruling that credit card debt accounts halved by the process of settlement negotiation should for some reason be deemed income by the Internal Revenue Service) However, in order to take full advantage of the good graces of the taxman, you will still have to subject yourself to the aforementioned rigors that even the successful Chapter 7 will doubtlessly enforce.
It is also accurate that the court trustee has the power under the Chapter 7 bankruptcy code to wipe away former tax liens owed no less than three years to the day before bankruptcy papers were submitted to your county clerk. Reading further, though, the claimant must also prove to the magistrate that any earlier inability to compensate the government was not intentional, and most justices would laugh the debtor out of the courtroom for even suggesting such circumstances.
3.) Ducking The Bill Collectors
While it is certainly true that all collection agents will be legally prohibited from attempting communication with the debtor following the formal acceptance of the bankruptcy petition by deputies of the court, desperate borrowers can easily become too smitten with the dream of bankruptcy protection and presume that the trustee will either throw himself in front of the ringing phone or dedicate the powers of his office toward apprehending and prosecuting any bill collectors that dare breach the newly erected shield of Chapter 7. As happens, the creditors will not be notified about your debt until weeks after the initial claim has been officially received. (if even then, by the time most debts get to the stage of requiring governmental assistance they've likely been transferred three or four times)
Until that point, you'll be in the position of trying to convince the telemarketers to obey regulations they've probably never heard beforehand, and, should you somehow get through to a manager passingly familiar with the federal laws prohibiting such boilerplate harassment, you can bet that the loans will be sold to an unsuspecting collection agency within the hour. There may be reasons to consider Chapter 7, but this cannot be among them, and borrowers should be aware that signing up for a debt settlement solution would entitle you to precisely the same peace and quiet (and, just the same, guarantee nothing of the sort).
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