Know the Life Culmination Trap of Debt Elimination

You are up to your neck in a debt trap-credit cards, student loans, mortgage and car payments etc. from out of the sky you get an e mail to remit a fee of $ 2500 for debt elimination. A certificate is offered to be sent to you to present it to your creditors who will declare your debt null and void.

Debt elimination is too good to be true. These “Declaration of voidance” and “Bond for Discharge of Debt” based on obscure legal theories have no legal standing in the United States. Debt elimination companies believe that all debt is illegal and so it need not be paid. But US government and the Supreme Court disagree with their contention. So it is futile to send a creditor a certificate from a debt elimination company.

 

So delete the email from the debt elimination company first. You will be the loser if you fall in to this trap. You will still be in debt after losing $ 2500.Are Debt elimination Strategies legitimate?
Yes. Two debt elimination strategies are legitimate. One is to pay off the debt. The other is to claim chapter 7-bankruptcy.

Any methodical payment will pay off the debt. It will disappear very fast surprisingly. Select one among the many debts listed and make minimum payments on all your debts. But send some extra money each month on the debt you want to get rid of.

 

An un expected overtime allowance of $ 100 a month can go for repayment of credit card debt. After paying off the first debt select another and pay it off. This is rather difficult but it works unlike the debt elimination certificate. As a last resort, when nothing else can be done invoke chapter 7 bankruptcy through a lawyer. As per some laws you can still retain some protected pieces of property like your house, car and a few personal belongings.

 

The rest of your property is sold and your creditors are paid off. But student loans, back child support or court ordered restitutions cannot be discharged by bankruptcy.

Many debt burdened Americans are perfect targets for scams like debt elimination, contact a legitimate financial counselor, if you are worried about debts. Don’t become a victim of conmen who promise the moon and the stars but deliver nothing.