28 Feb Minnesota Debt Settlement
If you are thinking about consolidating your debt using a debt consolidation company you may want to reconsider. Debt settlement is not effective for the majority of consumers using this service and it generally puts clients further in the hole. The reason people use these services is they promise to solve all of your debt problems without filing for bankruptcy. In reality they do not tell people they will owe taxes on the settled debt, and they do not disclose the extent of the fees they charge for their services. In the case of debt settlement if it sounds too good to be true, it probably is. http://bolinskelaw.com/minnesota-bankruptcy-faq
The type of debt settlement that is more effective than debt settlement is chapter 13 bankruptcy. This type of debt settlement actually binds creditors to a confirmed bankruptcy plan, and has a higher success rate than traditional debt settlement. Chapter 13 bankruptcy is based on a budget created by you and your attorney, so the plan payment is something you should be able to afford, and then after 3 or 5 years the debt is gone. The other advantage of chapter 13 is you can contribute to your 401k plan during the course of the bankruptcy. If you are struggling with debt, or have been burned by a debt settlement company, give our office a call.